GM Cruise LLC, the autonomous vehicle unit of General Motors announced it has received an equity investment of US$1.15 billion. Investors include 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,” said Cruise CEO Dan Ammann. “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”
This investment increases Cruise’s post-money valuation to $19.0 billion, inclusive of SoftBank Vision Fund’s previously announced investment commitment. In the last year, Cruise has secured capital commitments totaling $7.25 billion, including $2.75 billion from Honda Motor Co. in October 2018, along with $2.25 billion from SoftBank in May 2018.
Cruise is one of the companies vying to launch level 4 autonomous vehicles, but has so far made no commitment about when that will happen.
GM has said it will double the company's workforce to 1,000 employees in 2019, and intends to spend $1 billion in 2019 to develop autonomous vehicles.