• FierceWireless, Monday, March 14, 2016 9:05 AM

The connected car market heated up this morning with news that General Motors will reportedly spend roughly $1 billion to buy Cruise Automation, which develops technology for autonomous vehicles. Separately, Ford announced it will break out its mobility programs into a separate subsidiary. Fortune reported that GM had considered making a strategic investment in Cruise, but "that quickly morphed into an acquisition discussion" that was finalized within several weeks. Cruise makes aftermarket kits to convert specific models into autonomous cars for highway driving. It had raised $18 million in funding and saw a recent valuation in the range of $90 million. GM announced this morning it had purchased Cruise, though it did not disclose the purchase price.

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