GM gives Cruise company a whopping $5 billion credit line for the purpose of purchasing Origin EVs. The autonomous rideshare company Cruise has given the announcement that it has been able to secure a multi-year credit line of $5 billion coming from GM financial. This will help the company be able to purchase thousands of Origin vehicles.
Cruise Gets Combined $10 Billio Capital
The new credit finally gives Cruise a combined $10 billion in capital to help the company roll out its autonomous Origin vehicles that are manufactured by GM. According to Electrek, Cruise started in 2013 in San Francisco as a startup company.
Back in 2016, GM had finally purchased Cruise and focused on making the automaker's official Bolt EV fully autonomous while being backed by a whopping $14 million funding. Despite Cruise being owned by GM, the automaker has still continued to take the outside investment coming from other companies.
Cruise Gets Investment from Honda and Other Institutional Investors
The company received $750 million from Honda back in 2018 along with another $1.15 billion investment still from Honda but also from other institutional investors back in 2019. Moving forward, GM's Cruise even saw another investment round of $2 billion which was led by Microsoft.
Microsoft, aside from the investment, is also going to become both Cruise and General Motors' very own preferred cloud service provider. Back in January of 2020, Cruise introduced the whole public to the Origin which was an autonomous EV that was built on GM's recent electric platform.
Cruise Origin on GM Credit Line
Cruise Origin takes a step further with the help of the GM credit line. The company tweeted an announcement sharing its new credit coming from GM Finances to purchase the Origin EVs and be able to scale its fleet over the period of the next few years.
The tweet had a blog post attached from Da Ammann, Cruise CEO, stating it was an extremely exciting time for Cruise. The batches of Origins will go through an intensive testing and validation process this summer and the CEO states that the machinery is being installed to help build the Origin by the tens of thousands.
Cruise Origin Pre-Production at GM's Factory Zero
Pre-production is now underway for Cruise Origin over at GM's Factory Zero which is straddled between both Hamtramck and Detroit, Michigan. With the help of the funding plus the assistance of factories capable of producing by the thousands, Origin is getting one step closer to roll out the autonomous rideshares to the cities of the United States soon.
On June 4, 2021, Cruise has officially been authorized by the CPUC or California Public Utilities Commission to provide the driverless autonomous vehicle passenger service in trest vehicles. The CPUC press release notes that Cruise is the very first entrant into the official CPUC's Driverless Pilot Program. With this being said, Cruise now plans to be busy alongside GM and Honda before the official Origin EVs start hitting the streets.
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Written by Urian B.