GM buys self-driving car startup Cruise
Print Edition
GENERAL Motors Co is buying Cruise Automation, a San Francisco self-driving vehicle startup, the latest move by the auto giant in its effort to outflank Silicon Valley in the race to develop shareable, autonomous vehicles.
Cruise, with 40 people, was launched in 2013 and had raised US$20 million in venture capital to date, founder Kyle Vogt said. GM and Cruise did not disclose the value of GM’s acquisition.
“We will be committing considerable resources to recruit and grow the capability of the team,” GM President Dan Ammann said.
GM’s goal is to use Cruise’s technology and its people to accelerate plans to launch autonomous vehicles, potentially as part of ride sharing fleets, “as soon as possible,” Ammann said.
He did not offer a specific time frame.
GM’s acquisition of Cruise is the latest in a rapid series of moves by the automaker to stake a claim in the fast evolving market for mobility services. In January, GM said it would invest US$500 million in ride-hailing company Lyft Inc and followed that by forming a new car-sharing brand operation called Maven. The firm has also set up a separate unit for autonomous vehicle development.
GM executives have outlined plans to develop self-driving vehicles, including autonomous electric vehicles, that could be deployed in ride-sharing operations in various markets.
Other automakers are forging into ride sharing and autonomous driving, as are some traditional auto suppliers. Germany’s Continental AG and Delphi Automotive Plc are prowling for technology companies to buy.
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