Cruise to buy self-driving car rival Voyage

Cruise, the San Francisco-based robotaxi company backed by GM and Honda, is buying Voyage, a competitor that's been testing self-driving vans in retirement communities.

Why it matters: The self-driving car industry is consolidating as access to capital becomes more difficult and the timeline for autonomous vehicles stretches further into the future. Only a handful of leaders in the trillion-dollar market are likely to remain.

• Terms were not disclosed.

What they're saying: In a blog post announcing the deal, Voyage CEO Oliver Cameron, who will become vice president of product, praised Cruise's strengths.

• "After being intimately involved with the AV industry for the last five years, I can say with certainty that Cruise — with its advanced self-driving technology, unique automaker partnerships, and all-electric, purpose-built vehicle with no human controls — is poised to be the clear leader. "
• "Delivering self-driving technology is hard, but building a viable self-driving business is harder," Cameron said.
• "Voyage is tightly aligned to our mission, and has a shared mindset around safety, accessibility, cost and convenience for customers. Their talented team is highly productive and resourceful, with direct experience in developing a full-stack AV solution that will help accelerate our efforts to build the world’s most advanced self-driving vehicles," a Cruise spokesperson said.