General Motors and the SoftBank Vision Fund will invest $3.35 billion in GM Cruise Holdings LLC (GM Cruise), the autonomous driving division that GM started in 2016 with the purchase of Cruise Automation. SoftBank plans to invest $2.25 billion in the venture with GM offering the remaining $1.1 billion.
“Our Cruise and GM teams together have made tremendous progress over the last two years,” says 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 realizing the dream of completely automated driving to dramatically reduce fatalities, emissions, and congestion,” says 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.”
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. The SoftBank Vision Fund will own a 19.6% equity stake in GM Cruise and afford GM increased flexibility in capital allocation. www.gm.com; www.softbank-ia.com
Optis for autonomous driving simulation software
Simulation software giant Ansys has expanded its autonomous driving options with the purchase of
“More than 90% of