>> It's full speed ahead for General Motors' self driving car ambitions. The auto maker announced Thursday a $2.25 billion investment, one of the largest ever for self driving technology, from Japan's SoftBank, that's sure to shake up the race in who takes the lead in the autonomous vehicle market.
GM will throw in another billion or so dollars after the deal closes. I'm Conway Giddens in New York, the partnership in GM Cruise holdings creating such a shift in GM's prospects that the stock surged nearly 11% at one point. Now, that would be the biggest rally in the stock since GM came out of bankruptcy and then relisted in 2010.
The SoftBank investment comes at a time when Tesla, Alphabets, Waymo and Uber are all also jockeying for a first market advantage for self driving vehicles. And in some cases, specifically for ride sharing fleets nicknamed robo taxis. Reuters auto correspondent Paul Lienert.>> GM isn't necessarily an elite, but it's definitely among the top to our three players right now.
Waymo says it plans to begin deploying these, so called, robo taxis later this year, I believe, starting in Phoenix. So Waymo probably is still in the lead, but GM probably is running a close second.>> The GM SoftBank joint venture could provide the funding to close the gap.
GM has a majority stake in Lyft, and now with the cash infusion from SoftBank, it's well on the road of having a ride sharing fleet of self driving cars by its goal, next year. That's leaving Tesla further behind, shares of the electric car maker trading lower on the news.