GM is currently evaluating public offering for Cruise.
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Latest reports from Bloomberg suggest that the automaker has initiated talks with banks as it evaluates plans to publicly list the shares of the San-Francisco startup, or a spin-off, or separate listing of the unit. The decision will be implemented only after a couple of years. This news sent the shares of the Detroit automaker slightly high on Friday. As of today, the company shares are up 0.73% to $43.91.
Just last month, GM’s self-driving program received a major push after Japan’s SoftBank Vision Fund offered a whopping $2.25 billion in GM Cruise Holdings. By the end of this month, even GM is expected to invest $1.1 billion in the acquired startup.
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GM has great plans with self-driving cars. The company plans to launch the car, dubbed The Cruise AV, in US cities by 2019. If it succeeds in meeting this production target, it would be a tough competitor for Google’s Waymo, who is currently leading the self-driving race. Apart from this, GM plans to launch 20 new models of EV by 2023.