May 31 (UPI) -- Japan's Softbank will invest $2.25 billion in General Motors' autonomous vehicle program and the U.S. automaker will add $1.1 billion, the companies said Thursday.
The deal gives SoftBank a 19.6 percent equity stake in the program, called GM Cruise. SoftBank will release the first tranche of funds, $900 million, at the closing of the transaction. When the Cruise autonomous vehicles are ready for commercial deployment, $1.35 billion will be allocated to GM.