WASHINGTON—SoftBank Group Corp’s Vision Fund exited its bet on General Motors (GM) self-driving car subsidiary Cruise as the auto giant upped the ante, investing another $3.45 billion in the loss-making unit.
SoftBank’s departure, which comes as the Japanese conglomerate struggles with debts, prompted questions from sector watchers about whether Cruise is ready to generate meaningful revenue for the time being, and how deep GM might have to dig to fund development.
