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GM’s Cruise Unit in No Rush for IPO
GM Cruise LLC says it can develop software for self-driving cars more efficiently by working as unit of General Motors Co. than as an independent, publicly traded company.
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GM Cruise LLC says it can develop software for self-driving cars more efficiently by working as unit of General Motors Co. than as an independent, publicly traded company.
Kyle Vogt, Cruise’s president and chief technology officer, indicates that an IPO won’t happen “for quite some time,” Bloomberg News reports. Vogt says it’s easier and quicker for Cruise software developers to work side-by-side with GM vehicle engineers in creating autonomous-driving vehicles.
Bloomberg cited sources in June who suggested that an offering may not occur for at least two years. Some analysts have urged GM to spin off Cruise now, which would help the 6-year-old startup attract talent.
Cruise has an estimated current market valuation of nearly $15 billion. Former GM President Dan Ammann took over as CEO on Jan. 1 and will focus on scaling up and commercializing the business. An analyst with RBS Capital Markets estimates Cruise could be worth $43 billion by 2025.
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