GM To Acquire Cruise Automation

(RTTNews) - General Motors Co. (GM) said that it would acquire Cruise Automation to add Cruise's deep software talent and rapid development capability to further accelerate GM's development of autonomous vehicle technology.

Cruise will operate as an independent unit within GM's recently formed Autonomous Vehicle Development Team led by Doug Parks, GM vice president of autonomous technology and vehicle execution, and will continue to be based in San Francisco. Founded in 2013, Cruise has moved quickly to develop and test autonomous vehicle technology in San Francisco's challenging city environment.

The transaction is subject to customary closing conditions and is expected to close in the second quarter.