SoftBank Vision Fund will invest $2.25 billion in General Motors Co.’s driverless-car unit, as the auto maker battles technology companies and startups in a race to commercialize autonomous vehicles. GM said Thursday the technology-investment fund, an affiliate of Japan’s SoftBank Group Corp. , will take a 19.6% stake in GM Cruise Holdings LLC, a newly formed entity primarily made up of Cruise Automation, the driverless-car developer that GM acquired in early 2016 for around $1 billion, including undisclosed milestone payments. The Vision Fund’s investment values the business at $11.5 billion. GM shares surged 11% to $42.07 in morning trading. Heard on the Street The Vision Fund’s investment will come in two tranches: an initial $900 million payment, and another of $1.35 billion once Cruise’s autonomous vehicles are ready for commercial deployment, GM said. The deal will “afford GM increased flexibility with respect to capital allocation” as it plows more […]