GM's Cruise division gets $2.25B funding from SoftBankby Justin King
GM will also invest an additional $1.1 billion in Cruise.
General Motors' Cruise division has landed a $2.25 billion investment commitment from the SoftBank Vision Fund.
"The GM Cruise approach of a fully integrated hardware and software stack gives it a unique competitive advantage," says SoftBank managing partner Michael Ronen. "We are very impressed by the advances made by the Cruise and GM teams, and are thrilled to help them lead a historic transformation of the automobile industry."
The investment will be made in two tranches, starting with $900 million and adding another $1.35 billion only when Cruise AVs "are ready for commercial deployment." GM will also invest $1.1 billion in Cruise Holdings upon closing of the transaction.
The $2 billion in initial funding is expected to push the project to "commercialization at scale" by 2019.