REUTERS: Cruise, a U.S. self-driving vehicle company majority-owned by General Motors Co, told Reuters on Friday that a U.S. national security panel approved a US$2.25 billion investment in the firm by Japan's SoftBank Corp.
The approval unlocks a seat for SoftBank on Cruise's board, formalizing its oversight, and cements key financing for Cruise, which has raised US$7.25 billion in capital since last year, the company said. The committee, emboldened by a law last year aimed at strengthening the inter-agency panel, has flexed its muscles increasingly against Chinese companies as Beijing and Washington remain locked in heated trade and technology row.
However, the Japanese firm separately announced a joint investment with GM, T. Rowe Price, and Honda of US$1.15 billion earlier this year, further boosting its stake.
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