Self-driving car firm Cruise raises $2.75 billion mainly from Walmart

Self-driving car firm Cruise raised $2.75 billion in its latest funding round with additional investment from Walmart Inc and others, raising its valuation to over $30 billion.

As part of the deal, Cruise will provide a trial delivery service in Scottsdale, Arizona to Walmart.

In January, Cruise expects Microsoft Corp to join General Motors, Honda Motor Co, and institutional investors for a combined new equity investment of over $2 billion.

A Cruise spokeswoman pointed out that the IPOs happening is a great indication of the strength of the industry and the opportunity self-driving presents.

The San Francisco-based Cruise plans to begin deploying its Origin vehicles for ride-hail services in Dubai from 2023 for its first overseas commercial service.

Grayson Brulte, president at consultancy Brulte & Co., noted that Cruise is executing a global strategy with the right partners, as it would come down to who can cut the best deals which long-term generate revenue and profits.

Last week, another self-drive startup TuSimple also revealed plans for an initial public offering.