The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Picture taken March 16, 2021. REUTERS/Rebecca Cook
March 19, 2022
By David Shepardson and Hyunjoo Jin
WASHINGTON (Reuters) -SoftBank Group Corp’s Vision Fund exited its bet on General Motors (GM) self-driving car subsidiary Cruise as the auto giant upped the ante, investing another $3.45 billion in the loss-making unit.
SoftBank’s departure, which comes as the Japanese conglomerate struggles with debts, prompted questions from sector watchers about whether Cruise is ready to generate meaningful revenue for the time being, and how deep GM might have to dig to fund development.
GM said on Friday that it has agreed to pay $2.1 billion to buy the SoftBank Vision Fund stake in Cruise, and to make a separate $1.35 billion investment in the unit that SoftBank had…
