GM buys out Japanese investor in Cruise self-driving business

David Welch
Bloomberg

General Motors Co. bought out the SoftBank Vision Fund 1’s stake in self-driving startup Cruise LLC for $2.1 billion, ending the Japanese investment firm’s stake in the business and giving the Detroit automaker 80% ownership.

GM also said Friday it will invest another $1.35 billion in Cruise. 

SoftBank pledged to invest $2.25 billion in Cruise in 2018, giving the business $900 million up front and another $1.35 billion once the business deploys vehicles in a ride-sharing business, something it has yet to do. 

GM shares rose as much as 1.9% after the close of regular trading but were little changed as of 4:29 p.m. in New York.