SoftBank invests $2.25 billion in GM's self-driving cars

self-driving cars is the future of the automotive industry

SoftBank invests $2.25 billion in GM's self-driving cars

SoftBank plans to invest up to $ 2.25 billion in the US auto industry General Motors specifically with regard to self-driving cars.

The investment will be on two batches, the first $ 900 million to develop the project first, and the second at $ 1.35 billion when self-driving cars are ready for commercial sale.

This investment will be directed to the GM Cruise unit specializing in self-driving cars, the unit will remain a subsidiary of General Motors but a 19.6% stake will be sold to Softbank, and of course the authorities must agree with it beforehand.

GM will also invest $ 1.1 billion in the same unit after the completion of Softbank's investment deal.

According to Dan Amnann, president of General Motors, the most important thing for them is high security where cars must reach a high level of safety before they are ready to launch and sell officially.

This investment comes from Softbank at General Motors after the competition for self-driving cars industry there are Waymo as well as Uber and Tesla and many others are working in this area.

Source

Posted in: Tech Current Affairs