Apr 15, 2021 - Economy & Business
Walmart invests in autonomous driving company Cruise
Walmart, along with others, has made a new investment in self-driving car company Cruise, bringing its most recent funding round to $2.75 billion at a valuation of more than $30 billion. The two had previously announced a delivery pilot program in November.
Why it matters: Walmart's biggest rival, Amazon, has been leading the charge on the autonomous driving front, acquiring Zoox last year, and investing in electric vehicle company Rivian.
- The retailer joins an investor group that includes Microsoft, GM, Honda and others. GM acquired Cruise in 2016 in an effort to accelerate the car company’s development of autonomous vehicle technology.