Fiat Chrysler and General Motors have conjugated with the self-driving cars, which has significantly boosted the competition of the said genre.
SoftBank from Japan is about to create a history by investing a whopping sum of $2.25 billion or £1.7 billion into the autonomous Cruise unit of the General Motors. This is the biggest investment ever made in this technology. Apart from Japan, Google is also bestowing positive inputs in order to accelerate the endeavor. Waymo, owned by Google will be buying 62,000 Fiat Chrysler minivans for fulfilling its autonomous fleet. Uber will also be putting its step forward in this latest technology by working in conjugation with Waymo.
With the deal from Softbank, the shares of GM soared 10% higher than the present value, which is the highest gain on a single day recorded by the firm on the Wall Street since it faced the bankruptcy in 2009. The Japanese bank will be taking the 19.6% shares in the Cruise.
Joseph Spak, an analyst from the RBC Capital Market stated that the deal is another way of communicating to the whole world that GM is one of the biggest contenders that will be offering a huge slice of the self-driving cars. Mary Barra, the Chief Executive of GM also stated that the company is putting its step forward by checking the trend that will help the cruise cars in the fleets of the commercial ride-sharing in the upcoming year. She further added that GM has plans to introduce its own delivery services and will not step back from checking on the other opportunities with the companies that were funded by the SoftBank.
Uber faced an unfortunate incident where a self-driving car failed to identify a pedestrian, which killed her. This resulted in the suspension of the testing of the self-driving cars by Uber, while Waymo confirmed that the similar incident will not happen with its cars.