03:35 PM EDT, 06/11/2024 (MT Newswires) -- General Motors ( GM ) is investing $850 million in its autonomous vehicle technology company Cruise, Chief Financial Officer Paul Jacobson said Tuesday at Deutsche Bank's global auto industry conference in New York.

The amount will be "like a stub financing" and will get Cruise through the end of this year into Q1, Jacobson said.

The pool of capital for robotaxi available six to eight months ago is no longer there, and " getting momentum back in the business is going to require some capital and we're trying to figure out the best way to provide that," Jacobson said.

Shares of GM rose 1.7% in recent trading.

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