Current Issue


Trends Technology

General Motors Buys Out Cruise Minority Owner for $2.1B

Order Reprints
Cruise AV.jpg

March 22, 2022—General Motors on Friday said it is buying out Japanese tech company Softbank's 20 percent stake in the automaker's AV subsidiary Cruise for $2.1 billion.

According to a report from the Detroit Free Press, the move comes as GM steps up its investment in its autonomous vehicle development -- during the announcement, the automaker said it will invest an additional $1.35 billion into Cruise.

With the transaction, GM will now hold an 80 percent stake in Cruise according to a report from IoT World Today, with companies such as Honda, Microsoft and Walmart holding the remaining 20 percent. Per that same report, the $1.35 billion investment from General Motors will replace an investment of the same size promised by Softbank back in 2018. 

Cruise is currently operating a small AV fleet in San Francisco that was recently opened to public rides, and General Motors just received approval from the state of California to deploy autonomous vehicles.

Related Articles

General Motors' Cruise Cuts Jobs

General Motors is Developing Cars for the Moon

General Motors Reveals Bolt EUV

You must login or register in order to post a comment.