If you’re interested in the self-driving car industry, you’ve probably heard of Cruise. Cruise is a self-driving car company that was founded in 2013 and acquired by General Motors (GM) in 2016.
But how much of Cruise does GM actually own? Let’s take a closer look.
The History of Cruise
Cruise was founded in San Francisco by Kyle Vogt, who had previously sold his startup Twitch to Amazon. The company started out by retrofitting Audi S4s to be self-driving and testing them on the streets of San Francisco. In 2014, Cruise raised $3.4 million in seed funding from investors including Y Combinator and Spark Capital.
In 2016, GM acquired Cruise for a reported $1 billion in cash and stock. At the time, GM said that it planned to invest an additional $500 million over the next few years to help scale up Cruise’s operations.
How Much Does GM Own of Cruise?
So, how much of Cruise does GM actually own? As of June 2021, GM owns approximately 70% of Cruise. According to a recent filing with the Securities and Exchange Commission (SEC), GM has invested $9.25 billion in Cruise since acquiring the company.
It’s worth noting that this number has fluctuated over time. When GM first acquired Cruise in 2016, it owned 100% of the company. However, in May 2018, Honda announced that it would invest $750 million in Cruise over the course of twelve years, giving it a 5.7% stake in the company at the time.
Since then, other investors have also gotten involved with Cruise. In January 2021, Microsoft announced that it would be investing $2 billion in Cruise as part of a larger funding round that valued the company at $30 billion.
Conclusion
GM’s ownership stake in Cruise has changed over time, but as of June 2021, the company owns approximately 70% of Cruise. This is a significant investment for GM, which has been working to position itself as a leader in the self-driving car industry. With the help of Cruise and other partners, GM is hoping to bring self-driving cars to market in the near future.
9 Related Question Answers Found
General Motors (GM) is a well-known American multinational corporation that has been in the automotive industry for over a century. The company has been involved in various ventures over the years, including its stake in the cruise automation project. In this article, we will explore how much of Cruise does GM own and what it means for the future of autonomous driving.
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.
Have you ever wondered how much of the famous Cruise autonomous vehicle company is owned by General Motors? Let’s dive into the details and find out. What is Cruise?
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.
Cruise, the self-driving car company, has been making headlines ever since its inception in 2013. With its innovative technology and partnership with General Motors (GM), Cruise has quickly become a key player in the autonomous vehicle industry. However, there is still some confusion surrounding the ownership of Cruise.
If you are in the market for a new car or just interested in the latest automotive technology, you may have come across the term “Super Cruise.” This advanced driver assistance system (ADAS) is currently available on select General Motors (GM) vehicles, but what level is GM Super Cruise? Let’s take a closer look. What is Super Cruise?
Are you curious about GM’s Super Cruise technology and whether or not it’s free? Look no further as we dive into everything you need to know about this cutting-edge feature. What is GM Super Cruise?
There has been a lot of buzz in the automotive industry about General Motors’ acquisition of Cruise, a self-driving car startup based in San Francisco. While some reports suggest that GM has indeed bought Cruise, others claim that the deal is still in progress and no official announcement has been made yet. What is Cruise?
General Motors, commonly known as GM, is one of the world’s largest automobile manufacturers. The company has been in existence for over a century and has seen significant growth and expansion over the years. One of the most notable acquisitions made by GM is that of Cruise Automation, a self-driving car startup based in San Francisco.
