Cruise Taps $5 Billion GM Credit Line for Electric Origin Vehicles
General Motors' self-driving subsidiary Cruise secures a $5 billion credit line from GM Financial to fund the production of its custom autonomous Origin shuttle. This financial boost brings the company's total war chest beyond $10 billion as it prepares for commercial launch.
Cruise accesses a $5 billion credit line from GM Financial to purchase hundreds of its custom electric and autonomous Origin vehicles. CEO Dan Ammann announces that this new funding pushes the company's total available capital past $10 billion as it prepares for commercial operations. The financial backing provides a major boost for the self-driving subsidiary as it moves from testing to actual production.
Preproduction of the Cruise Origin begins at GM's Factory ZERO in Detroit, a renovated facility that operates as the automaker's first fully dedicated electric vehicle assembly plant. The first batch of 100 preproduction vehicles rolls off the line over the summer for testing at GM's Milford proving grounds. Full commercial production is scheduled to start in 2023, with the factory ultimately creating more than 2,200 jobs.
The Origin itself is a unique, shuttle-like ridesharing vehicle developed through a collaboration between Cruise, GM, and Honda. It features no steering wheel or pedals and is capable of highway speeds, with a roomy interior that includes facing seats similar to a train cabin. As these vehicles enter the preproduction phase, Cruise continues to offer driverless rides to passengers in California to refine its autonomous technology.