GM buying Softbank’s stake in Cruise robo-car unit for $2.1B

Published March 18, 2022 4:19 PM

DETROIT (AP) — General Motors says it is paying $2.1 billion to buy out Japanese tech investment firm Softbank’s stake in the Detroit automaker’s Cruise autonomous vehicle subsidiary. Softbank paid $2.25 billion for a 20% stake in Cruise in 2018 part of a wave of investment in self-driving technology. GM also said Friday that it is making an additional $1.35 billion investment in Cruise. GM acquired a majority stake in Cruise in 2016. Cruise operates a small fleet of autonomous vehicles in San Francisco that it opened to the general public at the beginning of February. GM expects to get a permit to charge passengers for autonomous rides this year.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KVIA ABC 7 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.