GM-backed Cruise secures $5 billion credit line as it prepares to launch self-driving robotaxis

GM-backed Cruise secures $5 billion credit line as it prepares to launch self-driving robotaxis

Cruise, a majority-owned subsidiary of , has secured a new $5 billion line of credit as it prepares for commercialization of its autonomous ride-hailing business. The new credit, announced Tuesday, is being provided by GM's automotive financing arm to use for the purchase of Cruise's self-driving Origin shuttles, which GM is at a factory in Detroit in early 2023. It brings Cruise's war chest to more than $10 billion, according to Cruise CEO Dan Ammann. "$10 billion. It's a big number. However, when you think about what we're building - safer, cleaner, and more accessible transportation for the world - you quickly realize it's also a necessary number," Ammann said in a blog post. "This is an incredibly exciting time for Cruise." Ultimately, GM Finance is providing Cruise credit instead of the company attempting to raise outside capital, which it has done in the past. GM acquired Cruise in 2016. Since then, it has brought on investors such as , SoftBank Vision Fund and, more recently,  and . This past month, Cruise said GM began assembly of 100 pre-production Cruise Origin vehicles that will be built this summer for validation testing. The Origin, which was , is the company's