SoftBank Group Corp's Vision Fund exited its bet on General Motors (GM) self-driving car subsidiary Cruise as the auto giant upped the ante, investing another $3.45 billion in the loss-making unit.
Waymo in Arizona, the revenue that you will generate from that deployment will be very, very small," said Raj Rajkumar, professor of electrical and computer engineering at Carnegie Mellon University, referring to a project developed by the parent of Google.
"We will definitely be selling a good chunk of assets," SoftBank CEO Masayoshi Son said last month, as he pivots from the collapse of the sale of chip designer Arm to a plan to list it in the United States.In a statement, GM CEO Marry Barra said, "GM is leveraging the strength of its balance sheet to capitalise on the opportunity to increase its equity investment in Cruise and advance our integrated autonomous vehicle strategy.
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