Cruise secures $ 5 billion line of credit to purchase GM’s electric and autonomous Cruise Origin vehicles – TechCrunch
Cruise, GM’s autonomous subsidiary, has used a $ 5 billion line of credit from the automaker’s financial arm to pay for hundreds of purpose-built electric and autonomous Origin vehicles as they begin to roll off the chain. disassembly.
Access to credit provided by GM Financial will bring Cruise’s “total war chest” to more than $ 10 billion as it prepares for commercialization, CEO Dan Ammann wrote in a blog post on Tuesday.
Pre-production of the Cruise Origin, which was first unveiled in January 2020, began at GM’s Factory ZERO assembly plant. Factory ZERO is the renowned and remodeled Detroit-Hamtramck assembly plant. Last year, GM announced plans to invest $ 2.2 billion in the plant to produce all-electric trucks and SUVs as well as Cruise Origin. The automaker said at the time it would invest an additional $ 800 million in supplier tooling and other projects related to the launch of the new electric trucks. Detroit-Hamtramck will be GM’s first fully dedicated electric vehicle assembly plant. When fully operational, the plant will create more than 2,200 jobs, according to GM.
The Origin, the product of a multi-year collaboration with parent company GM and investor Honda, is designed for a ridesharing service. The shuttle type vehicle does not have a steering wheel or pedals and is designed to travel at highway speeds. The interior is spacious, with the seats facing each other, similar to what a traveler might find on some trains.
The first set of 100 Cruise Origins preproductions will be assembled over the summer and tested at GM’s Milford proving grounds. Commercial production of the Cruise Origin is expected to begin in 2023.