Hyperdrive
GM Jumps as Microsoft Joins $2 Billion Self-Driving Venture
- Shares of GM surge 10% after latest investment in Cruise
- Driverless startup to use Microsoft software for robotaxis
This article is for subscribers only.
General Motors Co. and Microsoft Corp. are leading a $2 billion investment round in self-driving car startup Cruise LLC in a deal that will bring the software giant’s cloud and edge-computing capabilities to the venture. Shares of GM surged on the news.
The additional funds will raise Cruise’s post-investment valuation to an estimated $30 billion, up from $19 billion when T. Rowe Price Associates Inc. invested in the company in 2019, Cruise said in a statement Tuesday. Cruise partner Honda Motor Co. and other institutional investors are also participating in the new round.