GM Cruise gets $1.15 billion investment from group including SoftBank fund

GM Cruise autonomous car company gets $1.15 billion investment ahead of 2019 launch

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.

Honda announced in October that it would invest $750 million in GM Cruise and spend some $2 billion over the next 12 years to fund projects at the GM unit.

"Developing and deploying self-driving vehicles at massive scale is the engineering challenge of our generation", Cruise CEO Dan Ammann said in a Tuesday statement.

With the latest round of investment closed, Cruise added the company has raised $7.25 billion in the past year. The new funding includes GM, Japan's SoftBank Vision Fund and Honda Motor Co Ltd., and should provide Cruise the cash it needs to launch vehicles by the end of 2019.

Once Cruise's autonomous vehicles are ready for commercial deployment, Softbank will complete the second investment of $1.35 billion, the companies said at the time.

More news: The E.U. to Launch Investigation Into Apple After Spotify’s Complaint

GM acquired Cruise in 2016 and has been conducting testing in the San Francisco area where the unit is headquartered.

Ford is investing $900 million in its southeast MI footprint as part of an $11.1 billion investment in global electric vehicles.

At that time, it was thought his responsibility shift would give him more time to GM Cruise on track toward its goal of introducing an autonomous vehicle next year reflects the importance that the company places on that business.

Cruise is now testing vehicles on the road in California that it plans to put into commercial use by the end of 2019 as it looks to compete with similar efforts from Waymo, Uber and Tesla.

"Having deep resources to draw on as we pursue our mission is a critical competitive advantage". The company is developing autonomous technology capable of handling challenging aspects of city driving. Last month, Ford Motor agreed to invest $500 million in electric truck maker Rivian, a electric vehicle start-up that is seen by many as a potential rival to electric automaker Tesla.

Related News:



Most liked

Entire 49ers offensive line hypes up Sharks before Game 7
That brings him to a.928 SP over his past nine games, a significant and much-needed improvement from his early post-season play. He shut the Sharks out in Game 4 and if he can put on a performance like that again, Colorado will cruise into the next round.

Unification Ministry to Draft Detailed Food Aid Plan for N. Korea
President Donald Trump supports the country's plan to provide humanitarian food aid to North Korea, Yonhap reported on Tuesday. But the spokesperson said Han's possible visit to North Korea is conditional on improved U.S.

Kevin Durant diagnosed with right calf strain after leaving Game 5
He said after the loss that he'd be fine for Game 5, but his status - play or not; start or not - will be a game-time decision. They will need to play significantly better if they want to take the series lead on Wednesday night.

Mauricio Pochettino credits Spurs 'superheroes' for Champions League triumph over Ajax
It looked like their moment had passed and Ajax missed some chances to kill the game, but Lucas Moura delivered in the final minute.

Loot boxes should be banned, says U.S. senator
It would affect games that target minors under 18, or ones with a wide audience that children also play, such as Fortnite . State attorneys general would also be empowered to file suit to defend the residents of their states.

Workhorse To Buy GM's Lordstown Factory To Build Electric Pickup?
Workhorse reported that its first quarter sales for this year were at $364,000, down from $560,000 for the quarter in 2018. In the meantime, the company has developed a name-and a revenue stream-converting delivery vans to electric power.

Kevin Durant goes down in 3rd quarter with right calf strain
Smith rips into the Rockets for their Game 5 loss to the Warriors and speculates about the severity of Kevin Durant's injury. Moreover, in the series with the Rockets alone, Durant is putting up 36 points a night on top of five rebounds and assists .

Denver becomes first USA city to decriminalize 'magic mushrooms'
It does not legalize psilocybin or permit its sale by Denver's cannabis businesses. Psilocybin or "magic mushrooms" are seen in an undated photo provided by the U.S.

Los Angeles Lakers, Tyronn Lue reach impasse in negotiations
Vogel found success with the Indiana Pacers , leading the team to two Easter Conference Finals appearances in 2012-13 and 2013-14. The Lakers need something to build around and Lue is undoubtedly the best coaching option available right now.

Nokia and Xiaomi reveal the first phones to get Android Q updates
New Google Pixel 3a phones are displayed during the Google I/O conference at Shoreline Amphitheatre in Mountain View, California. More frequent security updates is one of nearly fifty new features and changes in Android focused on security and privacy .

Bernardo Silva sets sights on Man City history ahead of Brighton clash
We are going to prepare well. "This club, it's part of how we have been successful to have goals like this, moments like this". Both teams have comfortable-looking games at the weekend. "At the end of the season we are going to talk to him clearly".

Malaysia says U.S. has returned US$57m in 1MDB funds
In all, Najib is facing 42 criminal charges related to the fund while Jho Low, the scam's central figure, has gone into hiding. Goldman Sachs is under scrutiny for its role helping to underwrite and arrange three bond sales that raised $6.5bn for 1MDB.

At least 2 handguns used in school shooting near Columbine
A suspect vehicle was being searched in the school parking lot, Spurlock said, and both suspects' houses would be searched. Parents of STEM School students are directed to Northridge Rec Center at 8800 South Broadway to pick up their children.

S. Korea urges N. Korea to end 'military tensions' escalation
In early March, the Rodong Sinmun, Pyongyang's most influential newspaper, attributed the collapse of the second U.S. North Korean leader Kim Jong-un oversaw the drill yesterday. "And we know that they were relatively short range".

Apple launches 'its own' game on App Store that features Warren Buffett
Warren Buffett's Paper Wizard lets players fling newspapers, rewarding them with a special currency called Warren Bucks. He was known to hold paper-toss competitions at shareholder meetings for Berkshire Hathaway .