GM buying out SoftBank's $2.1 bn stake in Cruise self-driving cars
-
Turkish Energy Minister Highlights Qatar as Key Partner for Regional and Global Energy Security
-
Rene Eyre Revisits Autobiographical Performance 'Say A Little Prayer' in London
-
London Museum Granted 24/7 License Ahead of November Opening
-
UAE's HCT Holds Record Graduation and Announces Major Training Expansion
-
Dana White Confirms Flight to Washington for Trump Meeting on Press Secretary Role
-
NASA Awards $10B Lunar Contract Framework to SpaceX, Blue Origin
-
Dengue Fever Expands Into High Himalayas as Climate Change Warms Nepal
-
Katy Perry Tells Fans Ex-Husband Russell Brand 'Should Be in Jail' During UK Concert
-
IoT Refrigerator Hacks Disrupt Blood Labs and Supermarkets Across Europe and US
-
South African election results renew debate over identity-based voting
-
Post-election pressures complicate US and Israeli decisions on Iran
-
South African voters report smoother local election but declining IEC trust
-
UN members approve talks on treaty protocol against environmental crime
-
Dolly Parton museum and Nashville hotel open after singer’s death
-
Family-run West Sussex beach café prepares for first winter season
-
George and Amal Clooney attend New York political-comedy reading
-
CT scans reveal health and burial clues from Egypt’s Braided Lady mummy
-
British buyers pay substantial premiums for period-home appearance
-
Oxford faces complaints over lecturer’s classroom attire
-
Thomas Markle released to house arrest after child-abuse-image charge
-
Kyren Wilson and John Higgins reach International Championship snooker final
GM buying out SoftBank's $2.1 bn stake in Cruise self-driving cars
American automaker General Motors announced Friday it is acquiring SoftBank's $2.1 billion stake in its autonomous car venture Cruise.
In addition, GM will chip in another $1.35 billion investment to cover a commitment made in 2018 by the Vision Fund of SoftBank, a Japanese telecom giant.
The Detroit firm has ramped up its investments in autonomous technology and its build-out of electric vehicle capacity as it looks to curb emissions and engage in a technology race with Tesla and other self-driving ventures.
Cruise last month opened a sign-up page to allow consumers to take a driverless ride.
"Cruise has made self-driving cars a reality and is a leader on the pathway to commercial autonomous ridesharing and delivery, creating significant value for both GM shareholders and Cruise's minority shareholders," GM said in a statement.
GM bought Cruise Automation in 2017, which was spun out as a separate company in May 2018.
GM is the main investor in the venture, which also is backed by Microsoft, Honda and Walmart.
Late last year, the company announced plans to boost investment in electric and autonomous vehicle technology by $7 billion to $27 billion through 2025.
GM chief Mary Barra has said the goal is to have a "world with zero crashes, zero emissions and zero congestion."
V.Dantas--PC
