Softbank Fund to Invest in GM’s Autonomous Vehicle Unit
June 1, 2018
New York- General Motors Co. said Thursday that an investment fund led by Japanese technology titan Softbank Group Corp. will pump 2.25 billion dollars into the U.S. auto giant's subsidiary that develops autonomous vehicles.
The Softbank Vision Fund will initially invest 900 million dollars in GM Cruise Holdings LLC. The remaining 1.35 billion dollars will be paid when the GM unit's autonomous vehicles are "ready for commercial deployment," GM said.
After the completion of the investment, the fund will own a 19.6 pct equity stake in GM Cruise, it said.
"Teaming up with Softbank adds an additional strong partner as we pursue our vision of zero crashes, zero emissions and zero congestion," GM Chairman and Chief Executive Officer Mary Barra said.
Through the investment from the fund, GM hopes to accelerate the development of autonomous vehicles. GM will additionally invest 1.1 billion dollars in the subsidiary. Jiji Press
Latest Videos
- GEORGE SOROS BLASTED THE U S FOR SUPPORTING ISRAEL ON NOT WORKING WITH HAMAS
- WIKILEAKS REVELATIONS SHOW U S ‘IGNORED’ TORTURE FROM THE WAR IN IRAQ
- THE ROOTS OF THE ISRAEL PALESTINE CONFLICT
- TUCKER CARLSON QUESTIONS U.S SUPPORT FOR ISRAEL WAR
- RFK Jr TO RUN FOR PRESIDENT AS INDEPENDENT, DECLARING INDEPENDENCE FROM THE TWO POLITICAL PARTIES
- JAPANESE VIROLOGIST SAYS OMICRON MAY HAVE BEEN MANUFACTURED
- JAPANESE VIEW & FILIPINO BEAUTY
