Declaring "it's no longer a question of if...but when" autonomous vehicles are used in retail, President and CEO of Walmart (NYSE: WMT) U.S. John Furner announced the retail titan's intention to invest in General Motors ' (NYSE: GM) Cruise self-driving car company in a press release today. Furner said the move will "aid our work toward developing a last mile delivery ecosystem that's fast, low-cost and scalable."
The Walmart investment brings the total of Cruise's most recent funding round to $2.75 billion, though neither GM nor Cruise provides specifics on how much each individual company contributes to the whole, CNBC reports. Other investors in the subsidiary include GM itself, Microsoft , Honda Motor , and institutional investors. Among other projects, Cruise intends to roll out self-driving taxis in Dubai within the next two years.
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For further details see:Walmart Joins a Multibillion-Dollar Investment in Self-Driving Cars