Walmart Inc, the worlds largest retailer is investing in autonomous vehicle technology company Cruise LLC. Cruise is majority owned by General Motors Company. The two companies began collaborating in November through a pilot program in Arizona. Walmart has been pursuing a last mile logistics solution for some time, partnering at times with Uber, Lyft and Door Dash. The investment will help support Walmart’s push to create a home delivery logistics network that is fast, low cost and scalable, according to Walmart’s US CEO, John Furner.

The funds raise Cruise’s valuation to more than $30 billion. The Cruise deal doesn’t end Walmarts tests with Waymo, the autonomous unit of Alphabet or Nuro, another AV startup.

For more https://www.bloomberg.com/news/articles/2021-04-15/walmart-invests-in-cruise-the-gm-backed-autonomous-car-startup

0
0
0
s2sdefault
© 2021 First XV. All rights reserved.