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.

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