Walmart investing in GM’s Cruise self-driving car company

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Walmart investing in GM’s Cruise self-driving car company

 

KEY POINTS

• Walmart is investing in Cruise, GM’s majority-owned self-driving vehicle subsidiary, as part of a new $2.75 billion funding round for the company.
• The decision to invest comes about five months after the companies started working on a pilot program to use Cruise self-driving vehicles for deliveries in Scottsdale, Arizona.  
• The investment round by Cruise was initially announced in January at $2 billion.

 

Walmart and Cruise will begin testing deliveries by driverless car in 2021.
Walmart
 

Walmart is investing in Cruise, General Motors’ majority-owned self-driving vehicle subsidiary, as part of a new $2.75 billion funding round for the company.

The decision to invest comes about five months after the companies started developing a pilot program to use Cruise self-driving vehicles for deliveries in Scottsdale, Arizona.  

“This investment is a marker for us – it shows our commitment to bringing the benefit of self-driving cars to our customers and business,” Walmart U.S. CEO John Furner said in a blog post on Thursday. “We’re excited to join Cruise’s already impressive partner and investor ecosystem with the likes of GM, Honda and Microsoft as we work towards pioneering this emerging technology.”

 

Furner said Walmart has “been impressed with Cruise’s differentiated business model, unique technology and unmatched driverless testing.” Walmart has announced partnerships with six autonomous vehicle companies, including Cruise, Ford Motor and Alphabet-owned Waymo. The pilot with Cruise remains under development but the investment is a strong vote of confidence in the company.

 

A Walmart spokeswoman said it will continue to work with other autonomous vehicle companies despite the investment in Cruise.

 

 

Source: Walmart investing in GM’s Cruise self-driving car company