General Motors and Fiat Chrysler unveil self-driving deals

The race to lead America’s self-driving car market moved up a gear with General Motors and Fiat Chrysler announcing major deals.

Japan’s SoftBank is putting $2.25bn (£1.7bn) into GM’s autonomous unit Cruise, one of the biggest single investments in self-driving technology.

And Google-owned Waymo is buying up to 62,000 Fiat Chrysler minivans for its autonomous fleet.

Meanwhile, Uber’s boss says it may work with Waymo on self-driving tech.

The SoftBank deal saw GM’s shares jump more than 10%, the biggest one-day gain since the company re-listed on Wall Street after its 2009 bankrupt.

SoftBank will take a 19.6% stake in Cruise. The partnership values Cruise at $11.5bn, a triumph for GM which was criticised for over-paying when it bought the start-up two years ago for $1bn.

RBC Capital Markets analyst Joseph Spak said the deal confirmed that GM was one of the top contenders to deploy self-driving vehicles. “GM has a meaningful seat at the table,” he said.

_______________________________________________________________________

Source: BBC
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.