General Motors made a bold purchase when it announced its intention to purchase the San Francisco based Cruise Automation.
According to The Wall Street Journal, after paying $291 million in cash and $290 million in common stock, a grand total purchase price of $581 million, GM also shelled out $107 million in retention incentives.
The 40 employees brought on with the purchase of Cruise Automation has grown to 70 since GM’s acquisition of the company. According to the report, the incentives were split among employees to stick around, but were dispersed to “key individuals.”
Performance-based awards were also given to certain Cruise employees, and based around certain technological and engineering achievement milestones.
GM clearly has big plans with its latest acquisition. The 2017 Chevrolet Bolt EV will be the first vehicle to undergo autonomous driving technology with Cruise, likely to tie in with its Maven car sharing service, and even Lyft in the future.