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SoftBank's Vision Fund invests $2.25bn in GM affiliate

SVF sees stake as a way to strengthen its autonomous vehicle portfolio

GM aims to commercialize autonomous vehicle technology through GM Cruise Holdings.   © Reuters

TOKYO -- SoftBank Group's Vision Fund is investing $2.25 billion in a self-driving affiliate of General Motors, the U.S. automaker announced on Thursday.

The Saudi backed fund, led by Japan's SoftBank, will own a 20% stake of GM Cruise Holdings, GM's autonomous vehicle unit. GM will also invest an additional $1.1 billion when the deal closes.

"Teaming up with SoftBank adds an additional strong partner as we pursue our vision of zero crashes, zero emissions and zero congestion," said GM CEO Mary Barra.

SoftBank is working on self-driving technology through its affiliate company, and owns stakes in related companies, including Uber Technologies and Didi Chuxing.

SoftBank's $100 billion Vision Fund is based in London and is investing in growing companies that use big data.

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