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May 31, 2018

GM’s self-driving unit gets $2.25 billion from SoftBank’s venture fund

General Motors has announced that its self-driving unit is getting a $2.25 billion investment from the SoftBank Vision Fund, a major venture investment effort that was started by the Japanese tech giant in 2016. Cruise Automation, which GM bought in 2016 for $1 billion to jump-start its self-driving efforts, will get $900 million when the transaction closes and $1.35 billion when GM is ready to deploy its autonomous cars for commercial use (which is currently slated for 2019).

GM also announced that it will pump a fresh $1.1 billion round of investment into Cruise when the transaction closes, bringing the total to $3.35 billion. When all its investments have been made, SoftBank Vision Fund will own a 19.6 percent stake in Cruise.

While...

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