General Motors Co. said it is buying out SoftBank Vision Fund L.P.'s stake in its Cruise division for $2.1 billion, roughly four years after the Japanese investment firm joined the car maker in betting on driverless-car technology.
GM's ownership in Cruise will be about 80% and SoftBank will no longer have an ownership interest in or have any rights with respect to Cruise after the transaction is completed.
Investors for years have speculated that GM could spin off Cruise. Some analysts have questioned whether the abrupt departure in December of Cruise CEO Dan Ammann was a signal that GM wanted to keep the business in-house for longer than investors had anticipated. "There's so much more to do. We can go faster as opposed to looking at a specific opportunity right now," she said during an investor conference last month.Like many driverless-car developers, Cruise has pushed back its commercialization plans in recent years as it refines its autonomous-driving capabilities. In October, Cruise said it plans to roll out thousands of robot taxis across U.S. cities in coming years.
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