General Motors Co. (NYSE:GM) acquired Cruise Automation, a San Francisco, CA-based maker of automated driving technology, for an undisclosed sum.
The acquisition, subject to customary closing conditions and expected to close in the second quarter, will enable GM to further accelerate the development of autonomous vehicle technology.
Cruise will operate as an independent unit within GM’s recently formed Autonomous Vehicle Development Team led by Doug Parks, GM vice president of autonomous technology and vehicle execution, and will continue to be based in San Francisco. Founded in 2013 by Kyle Vogt, Cruise has developed and tested autonomous vehicle technology in San Francisco’s challenging city environment.
The acquisition of Cruise is GM’s further step toward its goal of redefining personal mobility. Since the beginning of the year, the company has entered into a strategic alliance with ride-sharing company Lyft; formed Maven, its personal mobility brand for car-sharing fleets in many U.S. cities, and established a separate unit for autonomous vehicle development.
FinSMEs
28/03/2016