SoftBank Invests $2 Billion Into GM’s Cruise

Recode

On Thursday, SoftBank invested $2 billion into Cruise, GM’s self-driving subsidiary, bringing about many questions involving the Silicon Valley self-driving vehicle technology race.

The deal, on its face, is simple: SoftBank’s Vision Fund will eventually acquire about a 20 percent equity position in Cruise, which GM bought in 2016, for $2.25 billion over two payments. GM is also putting about another $1 billion into the division.

“This whole space, as you well know, is a complex set of relationships,” GM president Dan Ammann told Recode. ”As we navigate through that, we have taken a lot of precautions.”

Read the article at Recode.

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