Read More>> Japan's SoftBank Group Corp will invest $2.25 billion in General Motors Co's autonomous vehicle unit Cruise, the companies said on Thursday, a deal that validates the venerable Detroit automaker's leadership in self-driving cars and sent GM shares up more than 10 percent.
The move by SoftBank's $100-billion Vision Fund is one of the largest investments to date in self-driving technology by one of the highest-profile global technology investors.
It gives GM funds for wide-scale deployment of self-driving cars, which GM aims to roll out next year. The partnership values Cruise at $11.5 billion, a triumph for GM, which was criticized for overpaying an estimated $1 billion for the startup two years ago.