GM Cruise in US$1.15bn funding boost

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Cruise, the self-driving division of General Motors, has brought in a further US$1.15bn in funding, increasing its valuation to US$19bn.

The extra funding came from mutual fund manager T Rowe Price and existing Cruise investors Honda and SoftBank’s Vision Fund, and from parent company GM. It will help finance the launching of a robo-taxi service, which is planned for this year.

Cruise has raised US$7.25bn in equity in the past year, and is one of a number of firms to have secured huge equity investments as they compete to get autonomous vehicles onto public roads.

“Developing and deploying self-driving vehicles on a massive scale is the engineering challenge of our generation,” said Dan Ammann, Cruise chief executive. “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”

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Tara has worked for UKi Media & Events since 2013, initially as a freelancer. She has been a journalist for over a decade and has worked for a range of publications, including Personnel Today, Management Today and The Grocer.

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