31 May '18, 2pm

GM Cruise gets $2.25B boost from SoftBank Vision Fund

The SoftBank Vision Fund will invest $2.25 billion in GM Cruise Holdings LLC (GM Cruise), further strengthening the company’s plans to commercialize AV technology at large scale. GM will also invest $1.1 billion in GM Cruise upon closing of the transaction. The SoftBank Vision Fund investment will be made in two tranches. At the closing of the transaction, the Vision Fund will invest the first tranche of $900 million. At the time that Cruise AVs are ready for commercial deployment, the Vision Fund will complete the second tranche of $1.35 billion, subject to regulatory approval. Together, this will result in the SoftBank Vision Fund owning a 19.6-percent equity stake in GM Cruise and will afford GM increased flexibility with respect to capital allocation. The GM and SoftBank Vision Fund investments are expected to provide the capital necessary to reach commercialization at...

Full article: https://electriccarsreport.com/2018/05/gm-cruise-gets-2-2...

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