Cruise, a U.S. self-driving vehicle company majority-owned by General Motors, said a U.S. national security panel approved a $2.25 billion investment in the firm by Japan’s SoftBank Corp .
SoftBank has come under increasing U.S. scrutiny over its ties to Chinese firms in the face of an escalating trade and technology war between Washington and Beijing. It is in the process of raising its second $100 billion investment vehicle, dubbed Vision Fund, after deploying its first one of equal size.
The Committee on Foreign Investment in the United States (CFIUS), which reviews deals for potential national security concerns, approved the investment based on fresh assurances that Cruise’s technology would be completely off limits to SoftBank, a source familiar with the matter said.
A SoftBank spokesman declined to comment. The Treasury Department, which leads CFIUS, did not respond immediately to a request for comment.
The approval unlocks a seat for SoftBank on Cruise’s board, formalizing…