General Motors said it finalized the purchase process of the San Francisco autonomous-tech company of Cruise Automation.
The biggest US automaker has completed the acquisition of the Cruise Automation start-up, also announcing that additional details of the deal will be disclosed at the same time with the release of the company’s second quarter business results, which are usually coming out in July. Even if General Motors has not revealed the final price, some media reports have suggested that it paid more than 1 billion dollars for the autonomous driving tech company founded in 2013. The startup is supposed to help the automaker speed up development of its self-driving cars.
The deal has sparked a legal battle between two former partners over their ownership stakes in Cruise, as cofounder and CEO Kyle Vogt has sued Jeremy Guillory, an engineer who worked with the startup, denying his claims that was also a 50 percent owner of Cruise. The San Francisco company will play a major role in GM’s plans to deploy driverless electric Chevrolet Bolt taxis next year, a fleet that will be managed by the ride-hailing service Lyft.
The self-driving electric battle has intensified lately, as Google and Fiat Chrysler announced two weeks ago a partnership that would first bring the autonomous tech, including its sensors and software, into one hundred Chrysler Pacifica Hybrid minivans.