Press release
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june 01, 2018 - General Motors
SoftBank Vision Fund to Invest $2.25 Billion in GM Cruise
- SoftBank and #gm joining forces to drive large-scale AV deployment
- Investment values #gm #cruise at $11.5 billion
DETROIT — General Motors (NYSE: GM) announced today that the #softbankvision Fund will invest $2.25 billion in #gm #cruise Holdings LLC (GM Cruise), further strengthening the company’s plans to commercialize AV technology at large scale. #gm will also invest $1.1 billion in #gm #cruise upon closing of the transaction.
“Our #cruise and #gm teams together have made tremendous progress over the last two years,” said #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,” said 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. We are very impressed by the advances made by the #cruise and #gm teams, and are thrilled to help them lead a historic transformation of the automobile industry.”
“We’re excited to be joining forces with a tech leader who shares our belief that AV technology will change the world,” said #gm President Dan Ammann. “We look forward to partnering with SoftBank as we work toward deploying this technology safely and in massive scale.”
The #softbankvision 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. Together, this will result in the #softbankvision Fund owning a 19.6-percent equity stake in #gm #cruise and will afford #gm increased flexibility with respect to capital allocation.
The #gm and #softbankvision Fund investments are expected to provide the capital necessary to reach commercialization at scale beginning in 2019.
GM-CruiseAV
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