Softbank Vision Fund sells Cruise stake to GM

Author: EIS Release Date: Mar 28, 2022

GM is buying the Softbank Vision Fund’s stake in Cruise for €2.1 billion.

 

GM will also put another $1.35 billion into Cruise which had been pledged by Softbank.

 

GM will end up with 80% of Cruise.

 

GM bought Cruise in 2016 for a price thought to be between $500 million and $1 billion..

 

In 2018, SoftBank invested $900 million in Cruise and said it would invest another $1.35 billion when Cruise’s autonomous vehicles were ready for commercial deployment, potentially bringing its stake to 20%.

 

Six weeks ago Cruise started a driverless taxi service in San Francisco which would have triggered the $1.35 billion Softbank investment.

 

Other investors in Cruise  are Honda, Microsoft and Walmart.