Cruise secures $5B credit score line to purchase electrical, autonomous Cruise Origin autos from GM – TechCrunch
Cruise, the self-driving subsidiary of GM, has tapped a $5 billion line of credit score from the automaker’s monetary arm to pay for tons of of purpose-built electrical and autonomous Origin autos as they begin to roll off the meeting line.
The entry to the credit score offered by GM Monetary will push Cruise’s “complete battle chest” to greater than $10 billion because it prepares for commercialization, CEO Dan Ammann wrote in a weblog put up Tuesday.
Pre-production of the Cruise Origin, which was first unveiled in January 2020, has began at GM’s Manufacturing facility ZERO meeting plant. Manufacturing facility ZERO is the renamed and renovated Detroit-Hamtramck meeting plant. Final yr, GM introduced plans to speculate $2.2 billion into the manufacturing unit to provide all-electric vehicles and SUVs in addition to Cruise Origin. The automaker mentioned on the time it’ll make investments an extra $800 million in provider tooling and