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GM Purchases Cruise Automation, Adding To Self-Driving Car Portfolio

|Includes: General Motors Company (GM), LYFT

Back in March GM announced they would purchase a company that made self-driving car technology: Cruise Automation. The deal should close soon, as it will benefit both parties. There has been no negative news regarding the purchase and GM has already made several auto-tech investments this year.

I just read a great profile of the founder of Cruise Automation on Recode: Meet Kyle Vogt, the 'Robot Guru' Who Just Sold His Second Billion-Dollar Startup in Two Years. Apparently he's going to work at GM to help them integrate the self-driving technology into the Chevy Bolts that LYFT will be using for their auto-taxi trial in the coming years.

What do you think? Check out the Recode article, then leave a comment below.

See this article on Stable Book Value

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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.