Robotaxi company Cruise secures billion dollar loan from General Motors

Cruise

Cruise presented its prototype called Origin in early 2020.


(Photo: dpa)

San Francisco The robot car company Cruise receives a billion-euro loan from its parent company General Motors and builds the first test vehicles for its driverless taxis. With the GM credit line of five billion dollars (4.1 billion euros), Cruise’s “war chest” has now grown to ten billion dollars, wrote company boss Dan Ammann in a blog entry late Tuesday. That is a high amount, but also a necessary amount in view of the upcoming investments.

Cruise has already announced that it will bring robotic taxis to the streets in Dubai in 2023. A fleet of 4,000 vehicles is targeted there by 2030. The company, which is majority owned by GM and at the same time attracted billions of investors such as Honda and Microsoft, has been testing self-driving electric cars in San Francisco for years and wants to start a robotaxi service there too.

Cruise presented its prototype called Origin in early 2020. The vehicle should get along completely without a steering wheel and pedals. Cruise plans to start production of the model in a GM plant in Detroit next year. At the moment, pre-series vehicles are being built from almost 100 Origin vehicles.

More: Japan is creating an open-air laboratory for robot cars with smart roads and satellites

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