Cruise secures $5bn credit line to launch self-driving robotaxis project
Cruise, a majority-owned subsidiary of General Motors, has secured a new $5bn line of credit as it prepares to commercialization its autonomous ride-hailing business.
The credit, which was announced on Tuesday, comes from GM’s automotive financing arm and will be put towards the purchase of Cruise’s self-driving Origin shuttles.
GM began assembly of 100 pre-production Cruise Origin vehicles that will be built this summer for validation testing just this past month.
It is expected that the shuttles will begin production at the GM Detroit factory in early 2023. The new financing brings Cruise’s war chest to more than $10bn, according to Cruise CEO Dan Ammann.
″$10bn. It’s a big number. However, when you think about what we’re building - safer, cleaner, and more accessible transportation for the world - you quickly realize it’s also a necessary number,” Ammann said in a blog post. “This is an incredibly exciting time for Cruise.”