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.
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Source: BBC
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