The SoftBank-run fund will invest an initial $900m in the GM subsidiary, with an extra $1.35bn to come when its autonomous driving technology is commercialised.
Telecommunications and internet group SoftBank agreed yesterday to provide $2.25bn in funding for GM Cruise Holdings, an autonomous driving spinoff of automotive manufacturer General Motors (GM).
Vision Fund will invest an initial $900m when the deal closes, at which time GM itself will put up a further $1.1bn in funding, and will supply the rest once Cruise advances its driverless car technology to a commercial release, taking a 19.6% stake altogether.
Cruise is developing autonomous vehicle technology that will be…
