Investment for a stake in GM鈥檚 venture
Print Edition
Japanese telecom giant SoftBank will invest US$2.25 billion in General Motors鈥 autonomous car program in exchange for a stake in the venture, GM said yesterday.
The infusion of cash is a vote of confidence in the big US automaker, which is competing with other carmakers and technology companies to introduce autonomous cars globally.
The investment from the SoftBank Vision Fund in the GM Cruise Holdings will be executed in two stages, with the first US$900 million coming after the transaction is finalized and another US$1.35 billion once GM vehicles are ready for commercialization.
GM has said it plans to commercialize its Cruise program in 2019 through ridesharing.
鈥淥ur Cruise and GM teams together have made tremendous progress over the last two years,鈥 said GM CEO Mary Barra.
鈥淭eaming up with SoftBank adds an additional strong partner as we pursue our vision of zero crashes, zero emissions and zero congestion.鈥
In exchange for the investment, SoftBank will hold a 19.6 percent stake in GM Cruise.
鈥淕M has made significant progress toward realizing the dream of completely automated driving to dramatically reduce fatalities, emissions and congestion,鈥 said Michael Ronan, managing partner of SoftBank Investment Advisors.
鈥淲e ... are thrilled to help them lead a historic transformation of the automobile industry.鈥
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