General Motors buys SoftBank's stake in Cruise

Apr 2, 2022 - 09:20
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General Motors buys SoftBank's stake in Cruise

General Motors acquires SoftBank's ownership in Cruise and increases its investment in the self-driving unit it acquired in 2016. The corporation has vowed to spend an extra $ 1.35 billion on Cruise to replace the cash given by SoftBank in February after it began giving robot taxi trips in San Francisco.

Under the supervision of the driver, Cruise acquired a robotics permit.

Meanwhile, SoftBank has recently experienced a long and steep decrease in the value of its assets. After ARM's multimillion-dollar sale to NVIDIA fell through, SoftBank's CEO announced in February that the company will sell the majority of its assets. GM may potentially purchase SoftBank as a first step toward separating Cruise.

According to GM, the automaker would evaluate all options in order to create value for its shareholders. The California Public Utilities Commission recently gave Cruise authorization to charge for robotic taxis in the state as long as a human driver is present. Cruise has already applied for a driver's license, but the department is still reviewing it.

Cadillac LYRIQ, a Key Milestone Toward Electrification

The enthusiasm and energy were palpable as the Cadillac LYRIQ rolled off the assembly line in front of employees and invited visitors. Spring Hill team's dedication, commitment, and manufacturing expertise enabled them to launch the Cadillac LYRIQ retail production nine months ahead of schedule while continuing to assemble1 the Cadillac XT5, and Cadillac XT6, and GMC Acadia with world-class quality.

GM is the first American automaker to manufacture electric vehicles in Tennessee, and their production crew demonstrated true Tennessee volunteerism while learning to manufacture the all-electric vehicles. Assembly upgrades included new machines, conveyers, controllers, and tooling, all of which required increased or extra skill sets to fulfill EV output. Spring Hill Assembly will serve as a model for how other assembly processes will be transitioned for EV production.

"General Motors has continued to invest in Tennessee, bolstering our state's status as a national automotive powerhouse." We are honored to partner with this worldwide brand as it advances in the evolution of electric vehicles, introducing the company's first Cadillac LYRIQ from Spring Hill, Tennessee."

Bob Rolfe, Commissioner of Community and Economic Development in Tennessee