Cruise, the self-driving startup backed by General Motors, said Walmart and institutional investors have joined a previously announced funding round, boosting the total haul to $2.75 billion. That may also make it the industry’s best-funded autonomous tech developer.
“This investment is a marker for us. It shows our commitment to bringing the benefit of self-driving cars to our customers and business,” John Furner, Walmart’s president and CEO for the U.S., said in a blog post. The companies began working together on a delivery pilot program in Scottsdale, Arizona, in November 2020 and “we’ve been impressed with Cruise’s differentiated business model, unique technology and unmatched driverless testing,” he said.
“Walmart appears to want a seat at the autonomous/last mile table,” Morgan Stanley equity analyst Adam Jonas said in a research note. “Last mile is the costliest leg of the fulfillment journey and it’s in retailers’ best interests to keep these expenses as low as possible. What the last mile looks like is unclear but it makes sense that a company of Walmart’s scale is already making investments in this future.
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