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General Motors: increases stake in Cruise

General Motors’ stake in Cruise increases by acquiring ownership of the SoftBank Vision Fund for more than $ 2 million.

General Motors announced that it is increasing its stake in Cruise , a leader in self-contained ridesharing and delivery, through the takeover of the SoftBank Vision Fund for $ 2.1 billion.

Aside, General Motors will make an additional $ 1.35 billion investment in Cruise, replacing a previous pledge made by the fund in 2018. Since the Detroit motor giant grabbed a majority stake in 2016 , Cruise made self-driving cars a reality, generating significant value for both GM and Cruise’s minority shareholders.

“We are extremely pleased to announce that by leveraging the strength of our balance sheet – said Mary Barra, GM president and chief executive officer – we have the opportunity to increase our stake in Cruise and advance our integrated autonomous vehicle strategy. We continue to believe that our investment represents an extraordinary opportunity to create long-term shareholder value ” .

The first self-driving electric

car showroom

In February Cruise crossed yet another important milestone towards the vision of safer, more accessible and sustainable mobility, becoming the first company to offer an autonomous driverless racing service to the public in a populous city in the USA.

In fact, Cruise Origin constitutes the shared electric vehicle – designed from scratch to work without a human conductor – bookable in San Francisco , California, for autonomous deliveries of goods ordered from the large-scale distribution chain Wallmart.

In accordance with the six guiding principles defined by the US Department of Transportation for innovation in transportation – reads the note from General Motors – Origin aims to promote environmental sustainability , ensure leadership in the USA and in the implementation of autonomous technology and of artificial intelligence, support the local workforce and promote accessibility, helping to reduce dependence on oil.