Common Motors’ autonomous automobile operation is blowing up … in a great way.
The automaker introduced on Tuesday the completion of a $1.15 billion funding spherical in its self-driving automobile subsidiary, GM Cruise LLC, that valued the corporate at $19 billion, or greater than one-third the market capitalization of GM itself.
GM reportedly paid $1 billion or much less in 2016 to take over the then-startup tech agency, which bought a $2.75 billion funding from Honda in October and a complete of $7.25 billion from varied sources over the previous yr.
The corporate is presently targeted on creating a self-driving model of the Chevrolet Bolt electrical automobile, which can initially be deployed in a ride-hailing scheme.
“Growing and deploying self-driving autos at huge scale is the engineering problem of our era,” Cruise CEO Dan Ammann stated in a launch asserting the information.
“Having deep sources to attract on as we pursue our mission is a essential aggressive benefit.”
Cruise is presently testing autos on the street in California that it plans to place into industrial use by the top of 2019 because it seems to compete with comparable efforts from Waymo, Uber and Tesla. The corporate has petitioned the federal authorities to permit it to deploy vehicles with out steering wheels or brakes, however has not but acquired approval to take action.
The Related Press contributed to this report