GM Cruise raises $1B as it eyes robotaxi launch

GM Cruise raises $1B as it eyes robotaxi launch

Business news |
By Rich Pell

The new funding, says the company, comes from a group comprising institutional investors, including funds and accounts advised by T. Rowe Price Associates, Inc., and existing partners General Motors, SoftBank Vision Fund, and Honda.

“Developing and deploying self-driving vehicles at massive scale is the engineering challenge of our generation,” says Cruise CEO Dan Ammann. “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”

The company has indicated that it plans to introduce a self-driving taxi service in 2019. Earlier this year, a Cruise spokesperson said the company plans to add an extra 1,000 workers – mostly engineers – to its team as the year progresses, effectively doubling its work force.

The latest investment increases the company’s post-money valuation to $19.0 billion, inclusive of SoftBank Vision Fund’s previously announced investment commitment. In the last year, the company says it has secured capital commitments totaling $7.25 billion.

Cruise Automation

Related articles:
GM to launch robo-taxi service in 2019
GM seeks approval for autonomous car with no manual controls in 2019
Honda, GM Cruise partner on new autonomous vehicle
The current state of play for autonomous vehicles

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