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The investment firm said GM is "far less risky" than Tesla, which has historically struggled to reach production targets.
The new agreement — pending the required signatures by all three countries — could also change the proportion of a car that must be made by workers who are paid $16 of more per hour.
GM’s self-driving car unit could be worth $43 billion — nearly 4 times the valuation it received 6 weeks ago, RBC says
Cruise has been growing at a quick pace ever since GM acquired the San Francisco startup and its 50 employees for $581 million. GM hopes to increase Cruise's headcount to 1,648 in California by 2021 thanks to a tax credit package worth $8 million approved by state officials last year.
GM is surging after Japan’s SoftBank announced a $2.25 billion investment in its self-driving car unit
The investment will come in two stages of $900 million immediately and another $1.35 billion once Cruise’s autonomous vehicles are ready for commercial deployment, GM said. It will also invest $1.1 billion of its own money in cruise when the deal closes.
General Motors stock hasn't had a good year. That may change on account of Trump's infrastructure bill.
General Motor's stock price has been rocketing higher as investors anticipate electric cars, self-driving tech and the potential for GM to spin the tech off.
GM's stock is popping on a report saying the company is closer to an autonomous car than previously thought.
General Motors has padded itself from an overall industry decline thanks to some key investments in self-driving startup Cruise and Lyft, the bank said.
The world's largest automaker risks being left behind in the driverless revolution.