GM is buying out Softbank’s stake in autonomous vehicle unit Cruise – By Kirsten Korosec (Techcrunch) / March 18, 2022
Why Softbank has decided to sell out now isn’t clear. A GM spokesperson said the company’s increased investment position not only simplifies Cruise’s shareholder structure, but also provides GM and Cruise maximum flexibility to pursue the most value-accretive path to commercializing and unlocking the full potential of AV technology.
GM CEO and Chair Mary Barra said the move will increase shareholder value.
“We are extremely pleased to announce GM is leveraging the strength of its balance sheet to capitalize on the opportunity to increase its equity investment in Cruise and advance our integrated autonomous vehicle strategy. We continue to believe our investment represents an extraordinary opportunity for creating long-term shareholder value,” Barra said in a statement. “Our increased investment position not only simplifies Cruise’s shareholder structure, but also provides GM and Cruise maximum flexibility to pursue the most value-accretive path to commercializing and unlocking the full potential of AV technology.”
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