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Softbank to invest in GM Cruise

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General Motors announced that the SoftBank Vision Fund will invest $2.25 billion in GM Cruise Holdings LLC (GM Cruise), further strengthening the company's plans to commercialise AV technology at large scale.

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General Motors announced that the SoftBank Vision Fund will invest $2.25 billion in GM Cruise Holdings LLC (GM Cruise), further strengthening the company's plans to commercialise AV technology at large scale. GM will also invest $1.1 billion in GM Cruise upon closing of the transaction.

"Our Cruise and GM teams together have made tremendous progress over the last two years," said GM Chairman and CEO Mary Barra. "Teaming up with SoftBank adds an additional strong partner as we pursue our vision of zero crashes, zero emissions and zero congestion."

"GM has made significant progress toward realising the dream of completely automated driving to dramatically reduce fatalities, emissions and congestion," said Michael Ronen, managing partner, SoftBank Investment Advisers. "The GM Cruise approach of a fully integrated hardware and software stack gives it a unique competitive advantage. 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."

"We're excited to be joining forces with a tech leader who shares our belief that AV technology will change the world," said GM President Dan Ammann. "We look forward to partnering with SoftBank as we work toward deploying this technology safely and in massive scale."

The SoftBank Vision Fund investment will be made in two tranches. At the closing of the transaction, the Vision Fund will invest the first tranche of $900 million. At the time that Cruise AVs are ready for commercial deployment, the Vision Fund will complete the second tranche of $1.35 billion, subject to regulatory approval. Together, this will result in the SoftBank Vision Fund owning a 19.6% equity stake in GM Cruise and will afford GM increased flexibility with respect to capital allocation.


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Softbank to invest in GM Cruise
Modified on Friday 1st June 2018
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