General Motors closes Cruise Automation acquisition
General Motors announced in March it is buying Cruise Automation, a San Francisco self-driving vehicle startup, the latest move as it competes to develop self-driving cars that could be used in ride-sharing fleets.
GM and Cruise did not disclose the value of the deal. Technology website Re/Code cited sources as saying GM paid $1 billion.
GM initially planned an investment in the company but moved within five weeks to buy Cruise outright, said venture partner Nabeel Hyatt of Spark Capital, an investor in Cruise.
Cruise, which has 40 employees, was launched in 2013 and has raised $20 million in venture capital, founder Kyle Vogt said in an interview, Reuters reports. ■