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GM Offers Equity to Employees of Cruise Unit
General Motors Co. has enabled employees of its Cruise Automation unit the ability to acquire equity in the autonomous vehicle technology startup.
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General Motors Co. has enabled employees of its Cruise Automation unit the ability to acquire equity in the autonomous vehicle technology startup.
The incentive was launched last September, three months before GM President Dan Ammann resigned to become CEO of Cruise. Reuters says the plan serves primarily spur him to build the business and take it public in less than 10 years.
The company employs more than 1,100 people, all of whom are eligible to acquire shares. The company has a market value of about $14.6 billion, and its stock is worth $1,515 per share, according to a filing with the U.S. Securities and Exchange Commission.
The filing indicates Ammann could make at least $25 million by hitting performance targets—and if Cruise changes ownership or goes public within a decade.
The startup, which GM acquired in 2016 for $581 million, aims to introduce a ride-hailing service by the end of the year that uses completely self-driving vehicles.RELATED CONTENT
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