GM’s stock surges as Softbank plans to invest billions in automaker’s self-driving business

GM’s stock surges as Softbank plans to invest billions in automaker’s self-driving business

6 years ago
Anonymous $2WKDXfy9lA

http://www.washingtonpost.com/blogs/the-switch/wp/2018/05/31/gms-stock-surges-as-softbank-plans-to-invest-billions-in-automakers-self-driving-business/

General Motors announced Thursday that Japan's SoftBank will pour $2.25 billion in the automaker's self-driving business, in a significant deal experts say boosts GM's chances to be the first company to deploy autonomous cars nationwide.

In exchange for the investment, GM said the investment firm will receive a nearly 20 percent equity stake in GM Cruise, the Detroit company's autonomous vehicle unit. GM's stock soared following the announcement, climbing more than 10 percent in morning trading.

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