How Much Does Gm Own Of Cruise?

General Motors (GM) has announced its acquisition of SoftBank Vision Fund 1’s equity ownership stake in Cruise for 2.1 billion. The deal follows a financial charge of 583 million in the second quarter, tied to the non-cash write-off of Origin assets and other restructuring costs. GM has agreed to pay 2.1 billion to buy the SoftBank Vision Fund stake in Cruise and make an additional 1.35 billion investment in the unit. GM has spent and lost over 8 billion since acquiring Cruise in 2016, with 3.48 billion lost in 2023 alone.

The new funds suggest that GM is not yet ready to give up on its Cruise LLC autonomous vehicle unit, which will tell investors this week that it sees a path for its ride-hailing business to reach 50 billion in revenue. The Detroit-based automotive giant has acquired SoftBank Vision Funds’ stake in Cruise for 2.1 billion, and will also make another 1.35 billion investment. Cruise, once regarded as a frontrunner in the autonomous-car industry, has been bleeding money since General Motors acquired it in 2016. The San Francisco-based company, of which GM owns about 80%, said it will act on all recommendations and is fully cooperating with the company. At 2.1 billion, that values Cruise at about 21 billion.