GM buys back $2 billion stake in driverless subsidiary Cruise

General Motors has bought out SoftBank’s $2.1 billion (£1.6 million) stake in its self driving car startup Cruise.

Bloomberg says this means GM now holds 80% ownership, and intends to invest another $1.35 billion in Cruise, which makes up for the amount that SoftBank had planned to invest once Cruise deploys vehicles in a ride-sharing business.

Softbank bought into the business nearly four years ago. At the time Cruise said this further strengthened the company’s plans to commercialise autonomous technology at large scale.

GM says it has no plans to separately float Cruise shares and take the business public.

(Picture – Cruise)

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