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
-
Report Predicts Limited Impact of Autonomous Tech on Professional Drivers
A new study says autonomous vehicles will displace some taxi drivers but have only a modest impact on the number of truck driver jobs over the next 10 years.
-
Study: How States Should Update Traffic Laws for Autonomous Cars
U.S. states should require that all automated cars have a licensed driver on board, suggests a study by the Governors Highway Safety Assn.
-
FCA Opens the Door to The Future
FCA introduced a high-tech concept vehicle today, the Chrysler Portal, at the event previously known as the “Consumer Electronics Show,” now simply CES.
