SoftBank Vision Fund will invest US$2.25 billion in GM Cruise Holdings LLC (GM Cruise),, further strengthening the company’s plans to commercialize AV technology at large scale.
GM will also invest US$1.1 billion in GM Cruise upon closing of the transaction.
“Our Cruise and GM teams together have made tremendous progress over the last two years,” says GM chairman and CEO Mary Barra. “Teaming up with SoftBank adds an additional strong partner as we pursue our vision of zero crashes, zero emissions and zero congestion.”
“GM has made significant progress toward realizing the dream of completely automated driving to dramatically reduce fatalities, emissions and congestion,” says Michael Ronen, managing partner, SoftBank Investment Advisers. “The GM Cruise approach of a fully integrated hardware and software stack gives it a unique competitive advantage. We are very impressed by the advances made by the Cruise and GM teams, and are thrilled to help them lead a historic transformation of the automobile industry.”