SoftBank joins GM in self-driving car race; GM shares soar

FILE PHOTO: A self-driving GM Bolt EV is seen during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. REUTERS/Elijah Nouvelage/File Photo

Japan's SoftBank Group Corp will invest US$2.25bil (RM8.96bil) in General Motors Co's autonomous vehicle unit Cruise, the companies said on May 31, a deal that validates the venerable Detroit automaker's leadership in self-driving cars and sent GM shares up nearly 13%.

The move by SoftBank's US$100bil (RM398.35bil) Vision Fund is one of the highest profile, largest investments to date in self-driving technology, an industry that could revolutionise transportation but faces engineering, safety and regulatory challenges, as well as scepticism among potential users.