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GM unit to raise 1.15 b. dollars from Honda, others

  • May 8, 2019
  • , Jiji Press , 12:08 p.m.
  • English Press

New York, May 7 (Jiji Press) — 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-dollar investment from a group of existing investors, including Japan’s Honda Motor Co.

Its parent company and a fund established by Japan’s Softbank Group Corp. <9984> are also among the investors.

According to Honda, the company will additionally invest 37 million dollars in the GM unit, with its equity stake rising to 6.0 pct.

Honda announced in October that the firm will invest 750 million dollars in GM Cruise and spend some 2 billion dollars 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 dollars in the GM unit, stopped short of disclosing the amount of the fresh investment.

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