Bloomberg News is reporting that General Motors Co.’s self-driving division has secured US$1.15 billion in new investment, with T. Rowe Price Associates joining existing investors Honda Motor Co and SoftBank Vision Fund.
The investment is part of GM’s continuing goal of developing autonomous driving cars. The company previously announced plans to develop and roll out an autonomous ride-hailing service by the end of this year.
“Developing and deploying self-driving vehicles at massive scale is the engineering challenge of our generation,” Ammann said in a statement. “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”