GM buys out Japanese investor in Cruise self-driving business
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.