General Motors (GM) is a well-known American multinational corporation that designs, manufactures, markets, and distributes vehicles and vehicle parts. In 2016, GM made a significant investment in self-driving technology by acquiring Cruise Automation. Cruise Automation is a San Francisco-based startup that develops autonomous vehicle technology.
How much did GM pay for Cruise?
GM paid $1 billion for Cruise Automation in 2016. The acquisition was seen as a strategic move by GM to accelerate its development of autonomous vehicle technology.
At the time of the acquisition, Cruise had only about 40 employees. The deal was one of the largest acquisitions in the self-driving car industry at that time.
The importance of the acquisition
The acquisition of Cruise Automation was important for GM because it gave the company access to self-driving car technology that could help it compete with other automakers and tech companies. The move also showed GM’s commitment to investing in new technologies to stay ahead of its competitors.
What has happened since the acquisition?
Since acquiring Cruise Automation, GM has continued to invest heavily in self-driving car technology. In 2018, GM launched its first autonomous vehicle, the Cruise AV. The vehicle was designed without a steering wheel or pedals and was meant for use in ride-sharing fleets.
- The investment in self-driving car technology is part of GM’s broader strategy to become a leader in electric and autonomous vehicles.
- GM has also partnered with tech companies like Honda and SoftBank to further develop autonomous vehicle technology.
- The company has plans to launch a fleet of driverless taxis by 2021.
Conclusion
In conclusion, General Motors’ acquisition of Cruise Automation for $1 billion was seen as a strategic move by the company to gain access to self-driving car technology and accelerate its development of autonomous vehicles. Since the acquisition, GM has continued to invest heavily in self-driving car technology and has partnered with other companies to further develop the technology. The company’s goal is to become a leader in electric and autonomous vehicles and launch a fleet of driverless taxis by 2021.
8 Related Question Answers Found
GM Cruise is a self-driving car company that was founded in 2013. It is a subsidiary of General Motors, the American multinational corporation that designs, manufactures, markets, and distributes vehicles and vehicle parts. GM Cruise has been at the forefront of the autonomous vehicle revolution, developing self-driving technology that can be integrated into various vehicles.
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