General Motors agreed to buy out SoftBank and invest a further $1.35bn in the autonomous vehicle developer, which it spun off four years ago.

Car manufacturer General Motors (GM) agreed on Friday to acquire the stake in US-based autonomous driving technology developer Cruise held by internet and telecommunications group SoftBank’s Vision Fund for $2.1bn.

Cruise has developed autonomous vehicles for use as taxis. It was spun off by GM in 2018, two years after it acquired the company in a $1bn cash and stock deal.

GM is also making a $1.35bn primary investment in Cruise which will replace the funding pledged by Vision…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
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