Smith Collection/Gado/Getty Images
Industryweek 34860 Gm Cruise Smith Collection

GM Autonomous Unit Cruise Valued at $19 Billion in Funding Round

May 7, 2019
The new investment comes from a group of institutional investors, including T. Rowe Price funds, and existing funding partners General Motors, SoftBank Vision Fund and Honda.

General Motors' autonomous driving division Cruise said on May 7 that it raised $1.15 billion in a new funding round that values the unit at some $19 billion.

The news comes as Cruise races toward deployment of self-driving ride-hailing vehicles in a battle with rivals such as Uber, former Google car unit Waymo, Tesla and others.

"Developing and deploying self-driving vehicles at massive scale is the engineering challenge of our generation," said Cruise CEO Dan Ammann.

"Having deep resources to draw on as we pursue our mission is a critical competitive advantage."

The new investment comes from a group of institutional investors, including T. Rowe Price funds, and existing funding partners General Motors, SoftBank Vision Fund and Honda.

The funding announcement offered no update on Cruise plans to deploy autonomous cars, but GM has said it plans to launch self-driving taxis sometime this year.

GM acquired Cruise in 2016 and has been conducting testing in the San Francisco area where the unit is headquartered.

Copyright Agence France-Presse, 2019

Popular Sponsored Recommendations

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

How to Build Zero-Cost On-Site Solar and Storage Projects

Nov. 25, 2023
The Inflation Reduction Act offers tax credits, incentives, and financing that enable no-cost projects. In Enel’s eBook, discover the critical role that incentives play in your...

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

Why DataOps may be the key to unlocking the full potential of digital transformation

Nov. 3, 2023
Read the 2023 market survey conducted by IndustryWeek

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!