GM Cruise Picks Up Another $1.2 Billion in Funding
GM Cruise LLC has received $1.2 billion from institutional investors, thereby hiking the market value of the autonomous-car startup to $19 billion.
The latest round of equity investment came from current stakeholders, such as GM, Honda and SoftBank Group, and an array of newcomers that includes T. Rowe Price Associates.
GM acquired the former Cruise Automation Inc., a San Francisco-based developer of software to control self-driving vehicles, in 2016 for about $1 billion. The company has been headed since Jan. 1 by Dan Ammann, GM’s former president.
Ammann’s primary goal is to scale up the company and commercialize its capabilities. Cruise has said it intends to launch a fleet of self-driving taxis by the end of 2019.
Akio Toyoda, president of Toyota Motor Corp., said at CES today that his goal is to transform Toyota from being a car company to becoming a mobility company.
People have been dreaming about flying cars since the early days of the auto and aircraft industries.
When you think of complex, highly technical devices that you use every day in your car—in fact, possibly as much as three to 10 times per minute—you probably don’t think of your rearview mirror.