Japan’s SoftBank rides shotgun with GM autonomous car unit

SHARE Japan’s SoftBank rides shotgun with GM autonomous car unit
uber_softbank_investment_76530123_e1527769662620.jpg

The Japanese technology conglomerate SoftBank will spend $2.25 billion for a nearly a 20 percent stake in General Motors’ autonomous vehicle unit. | AP file photo

DETROIT — The Japanese technology conglomerate SoftBank will spend $2.25 billion for a nearly a 20 percent stake in General Motors’ autonomous vehicle unit.

GM said Thursday that it will also sink another $1.1 billion into its GM Cruise automated division. The capital infusion is designed to speed large-scale deployment of self-driving robotaxis next year.

The move widens the SoftBank Vision Fund’s influence in ride-hailing services. The fund closed a deal in January to spend about $9 billion for a 15 percent stake in Uber.

GM Cruise would remain a wholly owned subsidiary of GM with the automaker holding roughly 80 percent of the business.

GM has announced plans to carry passengers in self-driving cars that won’t have a backup driver in 2019.

The Latest
Pet owners beware; the flea population in the Chicago area will be higher this summer, according to the Companion Animal Parasite Council.
The Cubs radio analyst, a Southwest Side son, spent a day reliving his past — and the emotions came flooding back.
Local 150 of the International Union of Operating Engineers has been off the job since June 7 and no talks are scheduled.
At least nine people died nationwide and an estimated 11,500 were injured last year in accidents involving fireworks, according to the U.S. Consumer Product Safety Commission.
Early lines for October matchup in South Bend reveal professional bettors’ thought process.