Recently, Cruise founder and CEO Kyle. Kyle Vogt said in response to the social platform why Cruise did not consider going public, saying that Cruise was not going public because it would bring some disruption, and that it had recently launched its self-driving ride-hailing business in California, and now it is going to focus all its efforts on expanding the scale of the business and improving passenger satisfaction.
Not long ago, on March 18, General Motors announced that it would acquire the Cruise held by SoftBank for $2.1 billion, and said it would invest an additional $1.35 billion in Cruise. It is reported that after the completion of the transaction, GM will hold nearly 80% of Cruise's shares, while SoftBank will no longer hold an equity stake in the company.
It is reported that in May 2018, SoftBank One Fund invested $2.25 billion to acquire an 11% stake in Cruise, of which $900 million was direct payments, and the remaining $1.35 billion was promised to be paid after the commercial use of self-driving cars. In January this year, Cruise began to provide self-driving ride-hailing services, but SoftBank did not continue to perform, but chose to transfer its shares to General Motors, but SoftBank has not yet made any response.
In fact, Cruise has previously launched an internal liquidity plan, promising to provide benefits such as the potential for long-term stock price increases for the company's employees, and GM has also revealed that the company's shares (including stock incentives) currently held by Cruise employees are worth about $4 billion, and it will spend $1 billion to 1.5 billion this year to buy this part of the shares.
In this regard, insiders revealed that GM chairman and CEO Mary . Mary Barra has said she hopes to control Cruise as a subsidiary until it can achieve more technological success on autonomous driving or build a profitable business model.
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