GM Acquires Cruise For Over $1 Billion

common Motors published today that it is acquiring Cruise Automation, a Y Combinator-backed startup that specializes in self-driving automobile know-how. in step with Re/code, the deal price GM greater than $1 billion and shall be finalized in the following few months.

Cruise will continue to function independently, but the San Francisco-primarily based company will now center of attention specifically on outfitting GM’s autos with its self sufficient expertise. “this may considerably speed up the timeline for bringing autonomous vehicles to market,” GM president Dan Ammann instructed Re/code.

normal Motors president Dan Ammann (proper) with Cruise Automation cofounders Kyle Vogt (center) and Daniel Kan (left).photograph: courtesy of GM

Like other automakers, GM is taking a look to crack the increasingly crowded self sufficient car market before tech giants like Google and Apple, who’re pouring their myriad instruments into getting their self-using vehicles to launch.

GM’s acquisition of Cruise comes simply two months after the company announced a partnership with Lyft to build a fleet of on-demand self-driving cars.

[by means of TechCrunch]

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