GM’s Cruise Automation autonomous car division wins new investment

GM’s Cruise Automation autonomous car division wins new investment

Funding round values the automaker’s self-driving car subsidiary at $19 billion.

Subscribe

San Francisco, California – General Motors’ Cruise Automation subsidiary raised $1.15 billion from institutional investors organized by T. Rowe Price Associates Inc. and existing partners including GM, Honda, and SoftBank’s Vision Fund.

The latest investment round follows a $2.75 billion investment by Honda late last year and other multi-billion-dollar fund raises. The latest round pegs the total value of the division at $19 billion.

“Developing and deploying self-driving vehicles at massive scale is the engineering challenge of our generation,” said Cruise CEO Dan Ammann, a former longtime GM executive. “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”

In the last year, Cruise has secured capital commitments totaling $7.25 billion.