General Motors began assembling the first of approximately 100 pre-production Cruise Origin all-electric vehicles, which will be built for verification testing this summer, Cruise said.
Cruise, a self-driving car subsidiary, which is majority-owned by General Motors, said on Tuesday that it will receive a multi-year US$5 billion credit line from General Motors’ financial department to fund its purchase of Origin cars starting in early 2023. “As we enter the commercialization phase, this will increase Cruise’s total funding to more than $10 billion,” said Dan Amman, CEO of the Cruise division, whose investors also include Softbank and Honda.
Self-employed companies are racing to build cash reserves because of the high cost and time-consuming development and expansion of technology. Last month, General Motors began assembling the first of approximately 100 pre-production Cruise Origin all-electric vehicles, which will be built for verification testing this summer, Cruise said.
Cruise is preparing to launch a commercial carpooling service in Dubai in 2023, and this year it has applied for the necessary permits to start charging for automatic travel and delivery in San Francisco.