GM Increases Stake in Autonomous Driving Subsidiary Cruise to 80%

SoftBank Acquires Investment Stake... Plans Additional Investment of 1.6 Trillion KRW
Major Foreign Media Analyze "Strengthening Dominance in Autonomous Vehicle Business"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Minji Lee] American automobile company General Motors (GM) has expanded its ownership stake in its autonomous vehicle subsidiary Cruise and announced additional investments.

On the 18th (local time), according to GM, Japan's SoftBank Group's Vision Fund sold its investment stake in Cruise for $2.1 billion (approximately 2.5 trillion KRW). With this transaction, GM increased its ownership stake in Cruise to 80%.

GM stated, "We have simplified the ownership structure of Cruise," and "This investment demonstrates our confidence in Cruise." GM also announced an additional investment of $1.35 billion (approximately 1.6 trillion KRW) in Cruise.

Major foreign media outlets analyzed that GM is strengthening its governance over the autonomous vehicle business by delaying Cruise's initial public offering (IPO). Currently, GM is promoting commercial services for autonomous vehicles, one of the next-generation growth engines, through Cruise.

In February, Cruise received approval from regulatory authorities in California, USA, to operate autonomous passenger services under conditions ensuring vehicle safety.

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