GM raised $3B in debt last year at nominal rates of 4%-5%.[1] In real, terms, that's maybe 2-3%. GM can raise billions from banks if it wants to. The fact that

GM raised $3B in debt last year at nominal rates of 4%-5%.[1] In real, terms, that's maybe 2-3%. GM can raise billions from banks if it wants to. The fact that it would rather raise money by selling Cruise equity rather than selling bonds indicates that (a) they value Cruise at less than $15B or (b) they are risk-averse or (c) they see some other benefit from bringing equity partners on-board. It's not (d) they have no other good way of raising capital. GM is a huge company with a relatively low cost of capital (~5%). https://www.barrons.com/articles/ge-replaces-ceo-and-investors-cheer-despite-a-profit-warning-and-huge-charge-2018-10-01 https://www.barrons.com/articles/ge-replaces-ceo-and-investo...