GM is acquiring SoftBank Vision Fund 1’s equity ownership stake in its majority-owned Cruise autonomous vehicle unit for $2.1 billion.
General Motors is acquiring SoftBank Vision Fund 1's equity ownership stake in its majority-owned Cruise autonomous vehicle unit for $2.1 billion.
Softbank's exit comes as the technology investment firm was set to have to invest a second tranche of $1.35 billion upon Cruise's commercial deployment of vehicles, which GM will now pay.General Motors is acquiring SoftBank Vision Fund 1's equity ownership stake in its majority-owned Cruise autonomous vehicle unit for $2.1 billion, the automaker announced Friday afternoon.
Softbank first acquired a minority ownership in Cruise in 2018. Its exit comes as the prominent technology investment firm was set to have to invest a second tranche of $1.35 billion upon Cruise's commercial deployment of vehicles, which GM will now pay.
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