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Microsoft invests in GM's self-driving car company
GM-owned self-driving firm Cruise pushed its total value to $30 billion with Microsoft's participation in a $2 billion equity investment.
It was not divulged how much Microsoft infused in the equity investment and how large of a stake it will receive in Cruise. GM will retain a majority stake in Cruise.
Cruise and GM will use Microsoft's Azure cloud computing platform to help develop vehicles and services.
Institutional participants in the $2 billion equity investment include Honda, already a major partner in Cruise.
Founded in 2013, Cruise was acquired by GM in 2016.
In 2018, Honda announced that it would invest $2 billion over 12 years in Cruise. Honda's participation in the latest round of investment is in addition to that.
Honda had collaborated with GM in developing a self-driving car, called the Origin, for taxi and delivery services.
GM announced last fall that it will build the Origin at its Factory Zero in Michigan,which is being modified to build only electric vehicles.