General Motors reported that the company SoftBank Group will invest u $ s 2.250 million for your subsidiary GM Cruise. For its part, GM will also invest in this technology, with an outlay of u $ s 1.100 million.
"Our teams at Cruise and GM have together made tremendous progress in the last two years," assured Mary Barra, President and CEO of GM. "Partnering with SoftBank is a way to continue pursuing our goal of Zero Accidents, Zero Emissions and Zero Congestion"added
"GM has made significant progress toward realizing the dream of fully autonomous driving to dramatically reduce crashes, emissions and congestion."Said Michael ronen, Managing Partner of SoftBank Investment Advisers.
“The alliance with GM gives us a unique competitive advantage. We are very impressed by the progress made by both teams, and very excited to help them lead a historic transformation of the automotive industry. "
For his part, the President of GM, Dan ammann, stated: “We are excited to join forces with a technology leader like SoftBank who also shares our vision that autonomous vehicle technology will change the world. We are working together to deploy this technology safely and on a large scale ”.
The SoftBank Group investment will be made in two stages. At the close of the transaction, the company will invest u $ s 900 million. When the autonomous vehicles are ready for commercialization, SoftBank will complete the second stage with an amount of u $ s 1.350 million (subject to regulatory approval).
Thus, SoftBank Group will have a 19,6 percent stake in GM. These investments are expected to inject the capital necessary to achieve commercialization at scale beginning in 2019.