Mexican Media Brands
GM Cruise Picks Up Another $1.2 Billion in Funding
GM Cruise LLC has received $1.2 billion from institutional investors, thereby hiking the market value of the autonomous-car startup to $19 billion.
#economics
Share
GM Cruise LLC has received $1.2 billion from institutional investors, thereby hiking the market value of the autonomous-car startup to $19 billion.
The latest round of equity investment came from current stakeholders, such as GM, Honda and SoftBank Group, and an array of newcomers that includes T. Rowe Price Associates.
GM acquired the former Cruise Automation Inc., a San Francisco-based developer of software to control self-driving vehicles, in 2016 for about $1 billion. The company has been headed since Jan. 1 by Dan Ammann, GM’s former president.
Ammann’s primary goal is to scale up the company and commercialize its capabilities. Cruise has said it intends to launch a fleet of self-driving taxis by the end of 2019.
RELATED CONTENT
-
Robotic Exoskeleton Amplifies Human Strength
The Sarcos Guardian XO Max full-body, all-electric exoskeleton features strength amplification of up to 20 to 1, making 200 pounds—the suit’s upper limit—feel like 10 pounds for the user.
-
On Automotive: An All Electric Edition
A look at electric vehicle-related developments, from new products to recycling old batteries.
-
When Automated Production Turning is the Low-Cost Option
For the right parts, or families of parts, an automated CNC turning cell is simply the least expensive way to produce high-quality parts. Here’s why.
