General Motors considering listing shares of Cruise self-driving unit: Report

Key Points
  • GM may spin out or list separate shares of its autonomous driving subsidiary, Cruise, according to a report from Bloomberg that cites unnamed sources.
  • The announcement comes on the heels of an announcement that Japanese conglomerate Softbank plans to invest $2.25 billion in Cruise.
GM jumps on report it's exploring listing shares of self-driving unit

General Motors is considering listing shares of its Cruise autonomous driving technology unit, according to a report from Bloomberg that cites unnamed sources.

The biggest American automaker is talking to banks about options for the unit, including listing a separate stock or spinning it off from GM, the report said.

However, GM may not take any such steps for another two years, if at all, Bloomberg said.

GM was not immediately available for comment.

Shares of the automaker were up slightly on Friday afternoon.

Cruise recently garnered attention when Japanese conglomerate Softbank said at the end of May it will invest $2.25 billion in the unit. GM first bought Cruise in 2016 when it was a startup with about 50 employees.

Since then Cruise has been testing autonomous driving technology on Chevrolet Bolt electric cars in a few different U.S. cities, including San Francisco, Phoenix, Arizona, and the Detroit area.

Read the full story at Bloomberg.