Business / Corporate

GM autonomous vehicle unit to receive $1.15 billion investment from Honda and others

JIJI

GM Cruise Holdings LLC, a self-driving car unit of U.S. auto giant General Motors Co., said Tuesday it will receive a $1.15 billion (¥126 billion) investment from a group of existing investors, including Honda Motor Co.

The parent company of the GM unit and SoftBank Group Corp.’s Vision Fund are also among the investors.

According to Honda, the company will invest an additional $37 million in the GM unit, with its equity stake rising to 6.0 percent.

Honda announced in October that it would invest $750 million in GM Cruise and spend some $2 billion over the next 12 years to fund projects at the GM unit.

The SoftBank Vision Fund, which has already decided to invest $2.25 billion in the GM unit, stopped short of disclosing the amount of the fresh investment.