Cruise, GM partner with Microsoft to ramp up self-driving vehicles – Latest News

Self-driving car maker Cruise and majority shareholder General Motors Co. said they would partner with Microsoft Corp. to accelerate the commercialisation of driverless vehicles.

Microsoft will join GM, Honda Motor Co. and institutional investors in a combined new equity investment of more than $2 billion in Cruise, bringing the post-money valuation of the San Francisco-based startup to $30 billion.

GM shares continued their recent climb, trading at $54.09, up 8.2% just after US markets opened.

The new investment pushes Cruise to the forefront of companies developing self-driving vehicles and technology. Waymo, the self-driving company majority owned by Alphabet Inc., is valued at just over $30 billion, according to investor website PitchBook. Argo AI, the Pittsburgh-based self-driving startup backed by Ford Motor Co and Volkswagen AG, is valued at $7.25 billion.

Cruise will use Azure, Microsoft’s cloud computing platform, for its self-driving vehicles.

Other automakers, including Volkswagen AG and Toyota Motor Corp, have used Azure for operations and services other than self-driving.

GM will work with Microsoft to accelerate the automaker’s digitisation initiatives—including artificial intelligence—and explore opportunities to streamline operations across digital supply chains and bring new mobility services, including robotaxis and last-mile deliveries, to customers faster.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *