FILE PHOTO: A Cruise self-driving car, which is owned by General Motors Corp, is seen outside the company’s headquarters in San Francisco where it does most of its testing, in California, U.S., September 26, 2018.
REUTERS/Heather Somerville/File PhotoBERKELEY, California (Reuters) - General Motors Co’s majority owned Cruise self-driving car subsidiary said on Tuesday it would gain access to a multi-year $5 billion line of credit with GM’s finance arm to finance its purchase of Origin vehicles starting in early 2023.
Self-driving startups are racing to build warchests, as developing and scaling up the technology is expensive and takes much time.
This past month, General Motors began assembly of the first of about 100 pre-production Cruise Origin all-electric vehicles that will be built this summer for validation testing, Cruise said.
Cruise is gearing up to start a commercial ride-sharing service in Dubai in 2023, while it has this year applied for permits needed to start charging for autonomous rides and delivery in San Francisco.
Heather Somerville, Dan Ammann, Cruise
General Motors Corp, REUTERS, General Motors, Cruise, Honda
San Francisco, California, U.S, BERKELEY , California, Dubai