Walmart invests in GM's Cruise autonomous vehicle subsidiary
April 15, 2021
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DETROIT (AP) — Walmart and some institutional investors have joined the latest investment in Cruise, bumping the capital influx into the General Motors autonomous vehicle subsidiary from over $2 billion to $2.75 billion.
Walmart and Cruise announced a partnership last fall to launch a self-driving delivery test in Phoenix.
“The investment will aid our work towards developing a last mile delivery ecosystem that’s fast, low-cost and scalable,” Walmart CEO John Furner said in a statement.
Honda and Microsoft are among other investors with a a stake in Cruise. Furner said Cruise's fleet of all-electric vehicles will help Walmart reach a goal of zero emissions by 2040.