DETROIT (AP) — A group of institutional investors is sinking $1.15 billion into GM Cruise LLC, the autonomous vehicle unit of General Motors.

GM announced the investment from a group led by T. Rowe Price on Tuesday morning.

Cruise CEO Dan Ammann said in a statement the investment gives Cruise deep resources to draw on as it develops and deploys self-driving vehicles.

GM says the investment brings Cruise’s valuation to $19 billion. It comes in addition to $2.75 billion from Honda Motor Co. last October and $2.25 billion last May from Japanese tech firm investment firm SoftBank.

GM says Tuesday’s announcement brings investments in Cruise during the past year to $7.25 billion, including money kicked in by the parent company.

© 2019 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.


Leave a Reply