Cruise receives $5 billion credit line from GM to purchase Origin EVs - electrek
By Scooter Doll
Recently, autonomous rideshare company Cruise, announced it has secured a multi-year credit line of $5 billion from GM financial, to help purchase thousands of Origin vehicles. This new credit line will give Cruise $10 billion in total capital to help roll out its autonomous Origin vehicles manufactured by GM.
Cruise is a startup founded in 2013 in San Francisco. In 2016, GM purchased Cruise, focusing on making the automaker’s Bolt EV fully autonomous, backed by $14 million in funding.
Despite GM owning Cruise, the automaker has continued to take outside investment from other companies. It received $750 million from Honda in 2018, followed by another $1.15 billion investment from Honda and institutional investors in 2019.
Furthermore, GM’s Cruise saw an additional investment round of $2 billion, led my Microsoft. Along with the investment, Microsoft is going to become Cruise and GM’s “preferred cloud service provider.”
In January of 2020, Cruise introduced the public to the Origin, an autonomous EV built on GM’s new electric platform that will eventually lead Cruise’s rideshare service.
The debut of a production Origin is now in Cruise’s crosshairs, according to its latest announcement.
Cruise Origin one step closer with GM credit line
In a Tweet from Cruise, the company announced its new credit like from GM Financial to purchase Origin EVs and scale its fleet over the next few years. The Tweet also featured a blog post from Cruise CEO Dan Ammann, who stated the following:
This is an incredibly exciting time for Cruise. Over the last couple weeks, I’ve spent time in GM’s Pre-Production Operations center where the team has started building the first batch of nearly a hundred pre-production Origins. These will undergo an intensive testing and validation process this summer. Seeing them up close and in person is absolutely thrilling. I’ve also just visited GM’s 4+ million sq ft Factory ZERO plant where the machinery is being installed to build the Origin by the tens of thousands.