cruise joint venture

Cruise and GM team up with Microsoft to commercialize self-driving vehicles

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SAN FRANCISCO, DETROIT and REDMOND, Wash. – Jan. 19, 2021 – Cruise and General Motors on Tuesday announced they have entered a long-term strategic relationship with Microsoft to accelerate the commercialization of self-driving vehicles. The companies will bring together their software and hardware engineering excellence, cloud computing capabilities, manufacturing know-how and partner ecosystem to transform transportation to create a safer, cleaner, and more accessible world for everyone.

“Our mission to bring safer, better, and more affordable transportation to everyone isn’t just a tech race – it’s also a trust race,” said Cruise CEO Dan Ammann. “Microsoft, as the gold standard in the trustworthy democratization of technology, will be a force multiplier for us as we commercialize our fleet of self-driving, all-electric, shared vehicles.”

To unlock the potential of cloud computing for self-driving vehicles, Cruise will leverage Azure, Microsoft’s cloud and edge computing platform, to commercialize its unique autonomous vehicle solutions at scale. Microsoft, as Cruise’s preferred cloud provider, will also tap into Cruise’s deep industry expertise to enhance its customer-driven product innovation and serve transportation companies across the globe through continued investment in Azure.

Microsoft will join General Motors, Honda and institutional investors in a combined new equity investment of more than $2 billion in Cruise, bringing the post-money valuation of Cruise to $30 billion.

“Advances in digital technology are redefining every aspect of our work and life, including how we move people and goods,” said Satya Nadella, CEO, Microsoft. “As Cruise and GM’s preferred cloud, we will apply the power of Azure to help them scale and make autonomous transportation mainstream.”

“Microsoft is a great addition to the team as we drive toward a future world of zero crashes, zero emissions and zero congestion,” said GM Chairman and CEO Mary Barra. “Microsoft will help us accelerate the commercialization of Cruise’s all-electric, self-driving vehicles and help GM realize even more benefits from cloud computing as we launch 30 new electric vehicles globally by 2025 and create new businesses and services to drive growth.”

In addition, GM will work with Microsoft as its preferred public cloud provider to accelerate its digitization initiatives, including collaboration, storage, artificial intelligence and machine learning capabilities. GM will explore opportunities with Microsoft to streamline operations across digital supply chains, foster productivity and bring new mobility services to customers faster.

About Cruise:

Founded and headquartered in San Francisco, Cruise’s goal is to drive change by building the world’s most advanced self-driving, all-electric, shared vehicles that safely connect people to the places, things, and experiences they care about. Join our mission at getcruise.com .

Media Requests: Ray Wert, Cruise Communications, [email protected] , 517-881-7508

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries can be found at  https://www.gm.com .

Media Requests: Jim Cain, GM Communications, [email protected] , 313-407-2843

About Microsoft:

Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

For more information, press only: Microsoft Media Relations, WE Communications for Microsoft, 425-638-7777, [email protected]

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Press Release

Cruise and GM team up with Microsoft to commercialize self-driving vehicles

SAN FRANCISCO, DETROIT and REDMOND, Wash. – January 19, 2021 – Cruise and General Motors on Tuesday announced they have entered a long-term strategic relationship with Microsoft to accelerate the commercialization of self-driving vehicles. The companies will bring together their software and hardware engineering excellence, cloud computing capabilities, manufacturing know-how and partner ecosystem to transform transportation to create a safer, cleaner, and more accessible world for everyone.

“Our mission to bring safer, better, and more affordable transportation to everyone isn’t just a tech race - it’s also a trust race,” said Cruise CEO Dan Ammann. “Microsoft, as the gold standard in the trustworthy democratization of technology, will be a force multiplier for us as we commercialize our fleet of self-driving, all-electric, shared vehicles.”

To unlock the potential of cloud computing for self-driving vehicles, Cruise will leverage Azure, Microsoft’s cloud and edge computing platform, to commercialize its unique autonomous vehicle solutions at scale. Microsoft, as Cruise’s preferred cloud provider, will also tap into Cruise’s deep industry expertise to enhance its customer-driven product innovation and serve transportation companies across the globe through continued investment in Azure. 

Microsoft will join General Motors, Honda and institutional investors in a combined new equity investment of more than $2 billion in Cruise, bringing the post-money valuation of Cruise to $30 billion.

"Advances in digital technology are redefining every aspect of our work and life, including how we move people and goods,” said Satya Nadella, CEO, Microsoft. “As Cruise and GM's preferred cloud, we will apply the power of Azure to help them scale and make autonomous transportation mainstream.” 

“Microsoft is a great addition to the team as we drive toward a future world of zero crashes, zero emissions and zero congestion,” said GM Chairman and CEO Mary Barra. “Microsoft will help us accelerate the commercialization of Cruise’s all-electric, self-driving vehicles and help GM realize even more benefits from cloud computing as we launch 30 new electric vehicles globally by 2025 and create new businesses and services to drive growth.”

In addition, GM will work with Microsoft as its preferred public cloud provider to accelerate its digitization initiatives, including collaboration, storage, artificial intelligence and machine learning capabilities. GM will explore opportunities with Microsoft to streamline operations across digital supply chains, foster productivity and bring new mobility services to customers faster.  

About Cruise:

Founded and headquartered in San Francisco, Cruise's goal is to drive change by building the world's most advanced self-driving, all-electric, shared vehicles that safely connect people to the places, things, and experiences they care about. Join our mission at getcruise.com .

Media Requests: Ray Wert, Cruise Communications, [email protected], 517-881-7508

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries can be found at https://www.gm.com .

Media Requests: Jim Cain, GM Communications, [email protected], 313-407-2843

About Microsoft:

Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

For more information, press only: Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, [email protected]

HONDA The Power of Dreams .cls-1,.cls-2{stroke-width:0px;}.cls-2{fill:#c00;}

• News Release

Honda, GM and Cruise Plan to Begin Driverless Ridehail Service in early 2026

– The Three Companies Enter Memorandum of Understanding Aiming to Establish a JV Company to Provide Driverless Ridehail Service in Japan –

TOKYO, Japan, October 19, 2023 – Cruise, General Motors Company (GM) and Honda Motor Co., Ltd. (Honda) today announced that they have entered into a Memorandum of Understanding aiming to establish a joint venture which will begin a driverless ridehail service in Japan in early 2026. The three companies aim to establish this new company in the first half of 2024 pending regulatory approvals.

＜Overview of the service＞

With this new service, the Cruise Origin, jointly developed by GM, Cruise and Honda and purpose built for a driverless ridehail service, will come pick up the customers at a specified location and drive them to the destination, entirely through self-driving. Customers will use a dedicated app on their smart phones to complete the entire process from hailing to payment.

The Cruise Origin is a self-driving vehicle with no driver’s seat or steering wheel. It features a vast cabin space that can be as private as a personally-owned vehicle and that allows 6 people to ride simultaneously, facing-to-face. This driverless ridehail service will offer an entirely new kind of mobility experience in Japan and target a wide range of customers, including business people, families, visitors and more.

The three companies are planning to launch the driverless ridehail service in central Tokyo in early 2026. The service will start with dozens of Cruise Origins, and then expand to a fleet of 500 Cruise Origins. The three companies plan to subsequently expand and scale the service to areas outside of central Tokyo. 

＜Collaboration with relevant industries＞

Through this driverless ridehail service, the three companies will strive to offer a new value of mobility, while also helping address societal issues facing Japan, such as the taxi and bus driver shortage. Honda and the new JV company will continue to strengthen coordination and collaboration with various stakeholders, including local municipal governments and transportation service providers.

The Cruise Origin is scheduled to be on display for the first time in Japan at the Honda booth at the JAPAN MOBILITY SHOW 2023 at Tokyo Big Site (Public days: October 28 – November 5, 2023).

■Comments by Kyle Vogt, Founder and CEO of Cruise

“Honda has been a key partner with Cruise for several years and we’re excited to offer safer and more accessible transportation to customers in Tokyo. All of our work scaling in dense urban US markets will position us well to address the huge opportunity for autonomous vehicles in Japan.”

■Comments by Mary Barra, Chair and CEO of GM

“GM has always been invested in defining the future of transportation and that’s more true today than ever. The benefits of AVs – from safety to accessibility – are too profound to ignore and through this important partnership with Cruise and Honda, we’re bringing forward innovation that leverages our expertise in cutting-edge software and hardware to help more people around the world get where they need to go.”

■Comments by Toshihiro Mibe, Global CEO of Honda

“Honda is striving to create the ‘joy and freedom of mobility.’ Through our driverless ridehail service, we will enable customers in Japan to experience a new value of mobility, improve the quality of their mobility experiences and offer the joy of mobility. This will be a major step toward the realization of an advanced mobility society. Providing this service in central Tokyo where the traffic environment is complex will be a great challenge, however, by working jointly with Cruise and GM, Honda will exert further efforts to make it a reality.”

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Tui and royal caribbean expand cruise partnership with $1.3 billion deal.

TUI Group is selling Hapag-Lloyd Cruises to its joint venture with Royal Caribbean Cruises in a deal worth $1.3 billion (€1.2 billion).

The headline figure is the enterprise value with a net cash consideration of around $767 million (€700 million).

TUI will put the proceeds towards its previously announced digital transformation as well as to strengthen the group’s balance sheet.

The purchasing company, TUI Cruises, is a 50:50 joint venture between TUI Group and Royal Caribbean, established in 2008.

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When the deal goes through later this year, two of TUI’s three cruise businesses will now be part of the joint venture with luxury and expedition brand Hapag-Lloyd Cruises joining its mass market German business. For the moment its UK-focused brand Marella Cruises remains outside.

Hapag-Lloyd Cruises operates five vessels — two luxury liners and three smaller expedition ships, primarily aimed at the German-speaking market . One of the main drivers of the deal is the potential internationalization of the business. The fleet will likely grow in the coming years.

“Products and brands such as MS Europa and MS Europa 2 have international potential and appeal,” Fritz Joussen, TUI CEO, said in a statement.

“Going forward, this will enable us as shareholders to take a capital-light approach to financing the ships and international growth within a joint venture framework. TUI and Royal Caribbean Cruises have developed the joint venture company on the basis of a strong partnership over the past ten years. The expansion decision is the next big step of growth for us – from a strategic and a commercial perspective,”

Hapag-Lloyd Cruises generated revenue of $334 million (€305 million) and an underlying profit (EBITA) of $47 million (€43 million), in the financial year ending September 30, 2019.

The transaction is expected to close in the summer.

Joussen compared the deal to consolidation in the car industry where a luxury brand like Bugatti is part of the Volkswagen Group alongside more mainstream offerings like Seat and Skoda.

He said there was a need to have “propositions, brands separated and very clear cut”, implying that Hapag-Lloyd Cruises name will remain.

Hapag-Lloyd Cruises was once part of the wider shipping business but TUI sold off its remaining stake in the cargo company in 2017 .

What the Deal Means For TUI

The deal is pretty much win-win for TUI as it helps generate a decent amount of cash and will enable fast growth of its luxury and expedition cruising business.

While the company’s move towards content — hotels and cruise ships — over the last few years has involved taking on more assets , the next stage of growth will be more asset-light. The cruise business is now largely held in a joint venture and its digital and hotels expansion will also be less capital intensive .

Royal Caribbean’s Thinking

Royal Caribbean Chief Financial Officer Jason Liberty declined to comment on the prospect of a deal when asked by Skift earlier this week, but on an earnings call on Tuesday he expressed satisfaction about the partnership in general.

“[The] performance of that brand has been exceptional, and we really believe that in the German market and TUI Cruise’s position in that market, how it’s trading, how it’s growing in its demand, we’re very happy and which makes us very excited about the German market and the overall European market,” he told analysts.

The acquisition of Hapag-Lloyd Cruises is the second involving a luxury cruise line in recent years. In 2018 it announced a deal to take a majority stake in Silversea. As a result Royal Caribbean now has a much bigger foothold in the growing luxury and expedition market.

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The only cruise blog for the Middle East and South Africa

Carnival-China joint venture cruise line floats out its first newbuild

The first cruise ship being built for the Carnival China Cruise Shipping joint venture was floated out last week at Shanghai Waigaoqiao Shipbuilding.

The float out of the ship, which has not yet been named, marks a major milestone in its construction , with a second on order and two former Costa cruise ships already in the fleet.

Hull 1508 was floated out at Shanghai Waigaoqiao Shipbuilding.

RELATED:  Costa Venezia pulled out of China, will cruise from Istanbul instead

RELATED:  MSC ramps up China cruise commitment amid major fleet expansion

“We at Carnival are committed to supporting to CSSC and our joint venture CSSC Carnival which is the foundation of Carnival’s China strategy,” said Arnold Donald, CEO of Carnival Corporation, in a video address celebrating the float out of hull 1508.

“We are committed to building CSSC Carnival into a successful and fully functioning Chinese-flagged cruise company,” Donald added.

The ship is one of two on order for Carnival’s joint venture brand with CSSC, where Carnival is a minority partner.

The brand will serve the domestic Chinese market and has already taken ownership of the Costa Atlantica and Costa Mediterranea.

The new ship touched water for the first time in Shanghai, and will now move to an interior fit out dock before her delivery in 2023.

Her sister ship will follow in 2024, and there is an option for four additional ships on the contract.

The newbuilds are on the Carnival Vista-class platform, with CSSC working in partnership with Fincantieri, the Italian shipyard that launched all the current Vista-class ships in the Carnival fleet.

Shanghai Waigaoqiao Shipbuilding is a subsidiary of CSSC with whom Carnival has partnered.

RELATED:  Carnival launches Chinese cruise line in JV with China State Shipbuilding

RELATED:  Indian cruise market could rival China in coming years says Costa Cruises

The entry of Carnival Corporation into the Chinese market marks a significant turning point for the domestic cruise market in the country, and also marks a shift change for China’s shipbuilding sector.

The transfer of knowledge and expertise from European shipyards, such as Fincantieri, to Chinese shipyards such as Shanghai Waigaoqiao, will give China greater capability to compete with the European yards in cruise ship construction .

Shanghai Waigaoqiao Shipbuilding is a subsidiary of China State Shipbuilding Corporation (CSSC), with whom Carnival has partnered to launch its Chinese venture.

By operating as a domestic cruise line in China, rather than as a foreign company, Carnival will have greater control over the cruise product it offers the Chinese market.

Although other cruise lines, notably Royal Caribbean International, have launched new ships designed specifically for China, they are not able to sell directly to the domestic market and have to rely on China-based travel companies that charter the ship for an entire season.

Royal Caribbean’s new Oasis-class ship Wonder of the Seas was meant to deploy in China next year , but has since been redeployed to North America .

Royal Caribbean also sent Quantum of the Seas to Asia following her launch in 2014, as well as Spectrum of the Seas following her launch in 2019. Both were designed specifically for the Chinese market, while Costa Cruises, part of the Carnival Corp fleet, has also refitted existing ships or designed new ones for China.

Costa was meant to deploy Costa Venezia, Costa Serena and Costa Mediterranea in China for 2021, but has since been forced to change those plans due to an ongoing ban on cruises in the country due to the COVID-19 pandemic.

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Tagged as: Carnival China , Carnival CSSC , China

Published by Shaun Ebelthite

Founder and editor of Cruise Arabia & Africa. I try to create the best news and information specifically for cruise passengers taking cruises to and from Dubai (where I live) and South Africa (where I was born). You can contact me at shaun(at)cruisearabiaonline.com. View all posts by Shaun Ebelthite

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Press release

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TUI and Royal Caribbean are significantly enlarging their TUI Cruises joint venture to accelerate growth of luxury brand Hapag-Lloyd Cruises

• Hapag-Lloyd Cruises will be the second pillar of the successful joint venture, providing an ideal starting point for accelerated growth in TUI’s Cruise division 
• Hapag-Lloyd Cruises is valued at 1.2 billion euros. Faster growth and the envisaged synergies will allow for significant additional value potential 
• Transaction proceeds used for strengthening TUI Group’s balance sheet and accelerating the digital transformation 
• TUI CEO Fritz Joussen: “We’re changing the ownership structure behind the brand to facilitate stronger, faster and capital-light growth. At the same time, we use the proceeds to drive TUI’s digital transformation.” 

TUI Group and its longstanding partner Royal Caribbean Cruises are planning to expand their luxury, expedition and premium cruise segment and to attract new target audiences for luxury cruise products. The expansion of the Hapag-Lloyd Cruises brand will be at the core of this strategy. The former TUI Group subsidiary will be integrated into the TUI Cruises joint venture, a successful structure having been established by TUI and Royal Caribbean since 2008. 

A contract signed in Hamburg today values Hapag-Lloyd Cruises at 1.2 billion euros. The closing of the transaction is expected for this summer. Under the joint venture profit-sharing agreement TUI will report 50 percent of Hapag-Lloyd Cruises’ earnings. With the transaction, TUI and Royal Caribbean Cruises Ltd. have agreed to further expand their partnership by using the proven joint venture structure of TUI Cruises also for the luxury and expedition cruise segment. The transaction is in line with TUI’s previously stated objective to deliver additional profitable growth at a lower level of capital intensity. 

TUI Group’s plans for the expansion of the Cruises segment will be expedited by the transaction. As a result of limited global shipbuilding capacity, TUI Cruises’ Mein Schiff fleet are not scheduled for the next three new build deliveries until 2023, 2024 and 2026. 

The integration of Hapag-Lloyd Cruises in the joint venture will allow TUI to participate in global cruise industry growth at a low level of capital expenditure. 

The merger of TUI Cruises and Hapag-Lloyd Cruises under the umbrella of the joint venture will create a leading European cruise company with a current combined fleet of twelve ships. TUI Cruises and Hapag-Lloyd Cruises will continue to operate their successful product concepts in the future. TUI Cruises will continue to cater to the premium German-speaking segment and Hapag-Lloyd Cruises will continue to have an exclusive presence in the luxury and expedition ship segment. “The ships’ identities, service, quality and customer experience will remain as individual and unique as they are today. This will create significant advantages for the Group, for our expansion and for our investments,” explained TUI CEO Fritz Joussen. 

Hapag-Lloyd Cruises is part of the TUI Group’s cruise businesses and is the leading provider of luxury and expedition cruises in German-speaking markets. Its fleet currently consists of two luxury ships within the five star plus category and three expedition cruise ships. A further expedition cruise ship has been ordered and will be added to Hapag-Lloyd Cruises’ fleet in 2021 to replace MS Bremen. In light of the transaction it is possible that the luxury and expedition fleet will grow in the coming years. 

“Products and brands such as MS Europa and MS Europa 2 have international potential and appeal. Going forward, this will enable us as shareholders to take a capital-light approach to financing the ships and international growth within a joint venture framework. TUI and Royal Caribbean Cruises have developed the joint venture company on the basis of a strong partnership over the past ten years. The expansion decision is the next big step of growth for us – from a strategic and a commercial perspective,” said Fritz Joussen. Each partner will continue to leverage its core strengths: TUI’s strong brand and selling power combined with Royal Caribbean’s shipbuilding, operational and digital expertise. 

TUI Group will use the transaction proceeds to strengthen the Group’s balance sheet and to drive its transformation into a digital organisation. The first stage of the transformation, which began in 2013, saw the company evolve from a traditional tour operator model into a successful developer, investor and operator of hotels and cruise ships, as well as destination activity provider. Now the next phase – TUI’s transformation to a digital platform organisation – has begun. Digital business models, as well as the Hotels, Resorts and Cruises divisions, will be the TUI Group’s mainstays in the future. However, growth and investments in hotels and cruise business will be less capital intensive. This ‘asset light’ strategy was announced in December 2019. Asset light expansion has already been adopted for hotel investments such as the brand TUI Blue and now also for the cruise brands.

About TUI Group

The TUI Group is one of the world's leading tourism groups and operates worldwide. The Group is headquartered in Germany. TUI shares are listed in the Prime Standard of the Frankfurt Stock Exchange, in the regulated market of the Lower Saxony Stock Exchange in Hanover and at the London Stock Exchange. TUI Group offers its 19 million customers integrated services from a single source and forms the entire tourism value chain under one roof. The Group owns over 400 hotels and resorts with premium brands such as RIU, TUI Blue and Robinson and 16 cruise ships, ranging from the MS Europa and MS Europa 2 in the luxury class and expedition ships in the HANSEATIC class to the Mein Schiff fleet of TUI Cruises and cruise ships operated by Marella Cruises in the UK. The Group also includes Europe's leading tour operator brands and online marketing platforms, for example for hotelonly or flight-only offers, five airlines with more than 130 modern medium- and long-haul aircraft and around 1,200 travel agencies. In addition to expanding its core business with hotels and cruises via successful joint ventures and activities in vacation destinations, TUI is increasingly focusing on the expansion of digital platforms. The Group is transforming itself into a global tourism platform company.    Global responsibility for sustainable economic, environmental and social action is at the heart of our corporate culture. With projects in 25 countries, the TUI Care Foundation initiated by TUI focuses on the positive effects of tourism, on education and training and on strengthening environmental and social standards. In this way, it supports the development of vacation destinations. The globally active TUI Care Foundation initiates projects that create new opportunities for the next generation.

Kuzey Esener

More information.

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News Release Details

Wed, October 3, 2018

SAN FRANCISCO , Oct. 3, 2018 /PRNewswire/ -- Cruise and General Motors Co. (NYSE: GM) announced today that they have joined forces with Honda (TYO: 7267) to pursue the shared goal of transforming mobility through the large-scale deployment of autonomous vehicle technology.

Honda will work jointly with Cruise and General Motors to fund and develop a purpose-built autonomous vehicle for Cruise that can serve a wide variety of use cases and be manufactured at high volume for global deployment. In addition, Cruise, General Motors and Honda will explore global opportunities for commercial deployment of the Cruise network. 

Honda will contribute approximately $2 billion over 12 years to these initiatives, which, together with a $750 million equity investment in Cruise, brings its total commitment to the project to $2.75 billion .

In addition to the recently announced SoftBank investments, this transaction brings the post-money valuation of Cruise to $14.6 billion .

Mary Barra . "Together, we can provide Cruise with the world's best design, engineering and manufacturing expertise, and global reach to establish them as the leader in autonomous vehicle technology – while they move to deploy self-driving vehicles at scale."

Seiji Kuraishi . "We will complement their strengths through our expertise in space efficiency and design to develop the most desirable and effective shared autonomous vehicle."

Kyle Vogt . "The Honda partnership paves the way for massive scale by bringing a beautiful, efficient, and purpose-built vehicle to our network of shared autonomous vehicles." More details on the benefits of the partnership to Cruise can be found here .

General Motors  is a global company committed to delivering safer, better and more sustainable ways for people to get around. General Motors , its subsidiaries and its joint venture entities sell vehicles under the  Chevrolet,   Buick,   GMC,   Cadillac ,  Holden,   Baojun ,  Wuling  and  Jiefang  brands. More information on the company and its subsidiaries, including  OnStar , a global leader in vehicle safety and security services, and  Maven , its personal mobility brand, can be found at  http://www.gm.com .

Honda Motor Co. (NYSE: HMC), Honda designs, manufactures and markets automobiles, motorcycles, power products and aviation products worldwide. A global leader in powertrain and electromotive technologies, Honda produces nearly 30 million engines annually for its three product lines. Honda and its partners build products in more than 60 manufacturing plants in 27 countries, employing more than 208,000 associates globally.

General Motors Forward-looking statements: This press release and related comments by management may include forward-looking statements. These statements are based on current expectations about possible future events and thus are inherently uncertain.  Our actual results may differ materially from forward-looking statements due to a variety of factors, including: (1) our ability to deliver new products, services and experiences that attract new, and are desired by existing, customers and to effectively compete in autonomous, ride-sharing and transportation as a service; (2) sales of crossovers, SUVs and full-size pick-up trucks; (3) our ability to reduce the costs associated with the manufacture and sale of electric vehicles; (4) the volatility of global sales and operations; (5) our significant business in China which subjects us to unique operational, competitive and regulatory risks; (6) our joint ventures, which we cannot operate solely for our benefit and over which we may have limited control; (7) changes in government leadership and laws (including tax laws), economic tensions between governments and changes in international trade policies, new barriers to entry and changes to or withdrawals from free trade agreements, changes in foreign exchange rates, economic downturns in foreign countries, differing local product preferences and product requirements, compliance with U.S. and foreign countries' export controls and economic sanctions, differing labor regulations and difficulties in obtaining financing in foreign countries; (8) our dependence on our manufacturing facilities; (9) the ability of suppliers to deliver parts, systems and components without disruption and on schedule; (10) prices of raw materials; (11) our highly competitive industry; (12) the possibility that competitors may independently develop products and services similar to ours despite our intellectual property rights; (13) security breaches and other disruptions to our vehicles, information technology networks and systems; (14) compliance with laws and regulations applicable to our industry, including those regarding fuel economy and emissions; (15) costs and risks associated with litigation and government investigations; (16) the cost and effect on our reputation of product safety recalls and alleged defects in products and services; (17) our ability to successfully and cost-efficiently restructure operations in various countries, including Korea , with minimal disruption to our supply chain and operations, globally; (18) our ability to realize production efficiencies and to achieve reductions in costs; (19) our ability to develop captive financing capability through GM Financial; (20) significant increases in pension expense or projected pension contributions; and (21) our ability to consummate the announced transactions on the expected terms and within the anticipated time period. A further list and description of these risks, uncertainties and other factors can be found in our Annual Report on Form 10-K, and our subsequent filings with the Securities and Exchange Commission . GM cautions readers not to place undue reliance on forward-looking statements. GM undertakes no obligation to update publicly or otherwise revise any forward-looking statements.

SOURCE General Motors

General Motors, Media: Tom Henderson, GM Finance Communications, 313-410-2704, [email protected], Jordana Strosberg, GM Advanced Technology Communications, 313-268-9656, [email protected], Investors: Michael Heifler, GM Investor Relations, 313-418-0220, [email protected]; Honda, Media: Jeffrey Smith, Honda North America, Inc., 937-644-7900, [email protected], Investors: Tatsuya Iida, Honda Motor Co., Ltd., +81-3-5412-1134, [email protected]; Cruise, Media: John Taylor, Cruise Communications, 415-312-4361, [email protected]

• GM is Positioned for Strong, Long Term Business Results

AMA Capital Announces Joint Venture with Skysail Advisors

• January 25, 2024

AMA Capital Partners, an investment bank specializing in transportation and maritime sectors, has announced a joint venture with Skysail Advisors, a Boston-based firm known for its advisory services in maritime technology, according to a press release.

This partnership aims to leverage both companies’ strengths in guiding businesses through growth strategies, capital market access, and mergers & acquisitions.

Evangelos Efstathiou, founder and managing director of Skysail, stated” “We are excited about this new partnership. Over the past five years, Skysail has seen a significant inflow of venture capital and private equity into the maritime technology space, driven by digital transformation and decarbonization.

“We have known the principals at AMA for a long time and see a great opportunity to combine their maritime capital markets expertise with Skysail’s unparalleled market intelligence and advisory services,” added Efstathiou.

Paul Leand, CEO of AMA, commented: “Skysail’s position in the maritime technology space is a perfect fit for us as we expand our offerings. Chris Weyers, managing director at AMA, will spearhead this initiative, focusing on the new technologies in the maritime sector.”

AMA, founded in 1987, has recently expanded its focus to include marine technology and service sectors. This expansion includes collaborations with companies specializing in AI-enabled software for voyage optimization and marine engineering firms developing solutions to enhance energy efficiency and reduce carbon emissions in the global marine fleet.

Skysail, founded in 2016, offers consultancy to shipowners, commodity traders, and private equity investors on maritime technology industry trends, digitalization strategies, and M&A. The firm is renowned for its market intelligence and strategic advisory services, helping entrepreneurs and established maritime technology entities.

The joint operations of AMA and Skysail will be based out of AMA’s Stamford, Connecticut office and Skysail’s Boston, Massachusetts office.

Caption: AMA Capital Partners’ managing directors (from left) Chris Weyers, Peter Shaerf, Paul Leand and Kevin O’Hara are targeting the maritime tech space with a new joint venture with Skysail Advisor

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Etihad Airways, China Eastern Airlines sign joint venture

Etihad Airways and China Eastern Airlines have signed a Joint Venture (JV) to cement the strategic partnership between the two airlines, making it the first commercial JV between a Middle Eastern airline and a Chinese airline.

The JV will allow both airlines to jointly develop and grow the routes between the UAE and China, offering expanded travel options and seamless travel experiences for passengers travelling between major Chinese cities like Shanghai, Beijing, Xi’an, and Kunming, and key cities in the UAE and across the Middle East and Africa regions.

Etihad and China Eastern Airlines will implement the JV cooperation in early 2025 when both teams secure all necessary regulatory clearances. Additionally, both airlines will introduce full reciprocity to their existing frequent flyer programmes in 4Q2024, allowing passengers to seamlessly earn points and redeem rewards when flying with either airline.

Etihad Aviation Group chairman Mohamed Ali Al Shorafa stated: “This partnership is more than the expansion of routes; it is about creating lasting and meaningful connections between our two nations which will stand for decades to come.”

“This year marks the 40th anniversary of diplomatic relations between China and the UAE. Both countries continue to develop and strengthen the high-value, strategic collaboration on the Belt and Road Initiative, and this momentum creates opportunities and motivation for deepening cooperation between China Eastern Airlines and Etihad Airways,” said Wang Zhiqing, chairman of China Eastern Airlines.

“Both China Eastern Airlines and Etihad Airways have strong global hubs, and our cooperation is highly complementary, covers a broad scope, and has great potential. We look forward to our collaboration creating more synergies, not only in facilitating passenger travel but also in building deeper economic, trade, and cultural exchanges between China and the UAE.”

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News Release

Carnival corporation cruise joint venture in china signs memorandum of agreement to order first new cruise ships built in china for the chinese market.

MIAMI , Sept. 23, 2016 /PRNewswire/ --  Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK), CUK), the world's largest leisure travel company, today announced that its cruise joint venture in China has signed a non-binding memorandum of agreement (MOA) to order the industry's first new cruise ships built in China for the Chinese market. The MOA is subject to several conditions including closing of the joint venture, financing and other key terms.

As part of the new MOA, Carnival Corporation's cruise joint venture in China agreed to order two new cruise ships to be built by a newly formed China -based shipbuilding joint venture between China's largest shipbuilder, China State Shipbuilding Corporation (CSSC), and Italy -based Fincantieri S.p.A ., the world's largest cruise shipbuilding company. The MOA also grants Carnival Corporation's cruise joint venture the option to order two additional China -built cruise ships.

Carnival Corporation's cruise joint venture in China will operate the new ships as part of its plans to launch the first multi-ship domestic cruise brand in China . Based on Carnival Corporation's Vista-class platform, the design for the new ships will be tailored for the new Chinese cruise brand and the specific tastes of Chinese travelers. The first of these ships is expected for delivery in 2022.

The partners signed the memorandum of agreement at a signing ceremony held today at the 11 th annual China Cruise Shipping and International Cruise Expo (CCS11) in Tianjin, China .

Carnival Corporation's cruise joint venture – a partnership announced last fall with CSSC and China Investment Capital Corporation ( CIC Capital ) in which Carnival Corporation holds a minority interest – is expected to initially launch its new domestic Chinese cruise brand using ships that are purchased from Carnival Corporation's existing fleet and homeported in China . Based on the MOA announced today, the joint venture would then add new China -built cruise ships starting in 2022 to further accelerate growth in the Chinese cruise market, which is expected to eventually become the largest cruise market in the world.

Separately, Carnival Corporation and its Chinese partners also announced today that the Chinese central government has now granted approval for the cruise joint venture to officially incorporate in Hong Kong . This news follows a standard regulatory approval process with Chinese officials that has taken place since the joint venture agreement was originally announced in London in October 2015 .

Alan Buckelew , global chief operations officer for Carnival Corporation . "As we work with our Chinese partners to launch the first domestic Chinese cruise brand in the next few years, being able to offer cruises on China -built cruise ships represents a new opportunity for us to generate excitement and demand for cruising amongst a broader segment of the Chinese vacation market, which is already the largest in the world and continues to see strong growth every year."

Buckelew added: "We see this collaboration with CSSC and Fincantieri as a potential cornerstone of a domestic cruise presence in China , serving Chinese guests with world-class cruise ships that are built in China for the first time. We are grateful to have this opportunity, and we look forward to strengthening our partnership as we continue supporting China's goal to be one of the world's leading cruise markets."

About Carnival Corporation & plc Carnival Corporation & plc is the largest leisure travel company in the world, with a portfolio of 10 cruise brands in North America, Europe, Australia and Asia comprised of Carnival Cruise Line, Fathom, Holland America Line, Princess Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard, P&O Cruises ( Australia ) and P&O Cruises ( UK ).

Together, these brands operate 101 ships visiting over 700 ports around the world and totaling 225,000 lower berths with 18 new ships scheduled to be delivered between 2016 and 2022. Carnival Corporation & plc also operates Holland America Princess Alaska Tours, the leading tour companies in Alaska and the Canadian Yukon. Traded on both the New York and London Stock Exchanges, Carnival Corporation & plc is the only group in the world to be included in both the S&P500 and the FTSE 100 indices.

Additional information can be found on www.carnival.com , www.hollandamerica.com , www.princess.com , www.seabourn.com , www.aida.de , www.costacruise.com , www.cunard.com , www.pocruises.com.au , www.pocruises.com and www.fathom.org .

Photo - http://photos.prnewswire.com/prnh/20160922/411194

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/carnival-corporation-cruise-joint-venture-in-china-signs-memorandum-of-agreement-to-order-first-new-cruise-ships-built-in-china-for-the-chinese-market-300333213.html

SOURCE Carnival Corporation & plc

Roger Frizzell, Carnival Corporation, [email protected], (305) 406-7862; Mike Flanagan, LDWWgroup, [email protected], (727) 452-4538

AIDA Cruises is the market leader in the German-speaking cruise market. Home of the smile, AIDA Cruises is the epitome of a premium-quality, relaxing cruise and operates one of the world’s most state-of-the-art fleets. Visit: www.aida.de

Carnival Cruise Line, also known as America’s Cruise Line, is a leader in contemporary cruising and operates a fleet of ships designed to provide fun and memorable vacation experiences at a great value. Visit: www.carnival.com

Costa Cruises delivers Italy’s finest at sea, bringing modern Italian lifestyle to its ships to provide guests with a true European experience that embodies a unique passion for life through warm hospitality, entertainment and gastronomy. Visit: www.costacruise.com

Cunard is the epitome of British refinement for travelers who relish the line’s impeccable White Star Service, gourmet dining, world-class entertainment, and the legacy of historic voyages and transatlantic travel. Visit: www.cunard.com

Holland America Line's premium fleet of spacious, elegant mid-sized ships feature sophisticated five-star dining, extensive entertainment and activities, innovative culinary enrichment programs and compelling worldwide itineraries. Visit: www.hollandamerica.com

P&O Cruises (UK) is Britain’s favorite cruise line with a fleet of ships combining genuine service and a sense of occasion and attention to detail, ensuring passengers have the holiday of a lifetime, every time. Visit: www.pocruises.co.uk

P&O Cruises (Australia) provides a quintessential holiday experience for Australians and New Zealanders, taking them to some of the world's most idyllic and hard-to-reach places across Asia and the South Pacific. Visit: www.pocruises.co.au

Princess is the world’s leading international cruise line and tour company operating a fleet of modern cruise ships, renowned for the innovative design and wide array of choices in dining, entertainment and amenities. Visit: www.princess.com

Seabourn provides ultraluxury cruising vacations in a unique, small-ship style that focuses on genuine, intuitive service, all-suite accommodations, superb cuisine and unique experiences in destinations worldwide. Visit: www.seabourn.com

What to know about Boeing's first spaceflight carrying NASA astronauts

C APE CANAVERAL, Fla. (AP) — After years of stumbles and delays, Boeing has finally launched astronauts to the International Space Station for NASA.

It’s the first flight of Boeing’s Starliner capsule with a crew on board, a pair of NASA pilots who will check out the spacecraft during the test drive and a weeklong stay at the space station.

NASA turned to U.S. companies for astronaut rides after the space shuttles were retired. Elon Musk's SpaceX has made nine taxi trips for NASA since 2020, while Boeing has managed only a pair of empty test flights.

Provided this tryout goes well, NASA will alternate between Boeing and SpaceX to get astronauts to and from the space station.

A look at the newest ride and its shakedown cruise:

THE CAPSULE

White with black and blue trim, Boeing's Starliner capsule is about 10 feet (3 meters) tall and 15 feet (4.5 meters) in diameter. It can fit up to seven people, though NASA crews typically will number four. The company settled on the name Starliner nearly a decade ago, a twist on the name of Boeing’s early Stratoliner and the current Dreamliner planes.

No one was aboard Boeing’s two previous Starliner test flights. The first, in 2019, was hit with software trouble so severe that its empty capsule couldn’t reach the station until the second try in 2022. Then last summer, weak parachutes and flammable tape cropped up that needed to be fixed or removed. Wednesday's launch was the third try with astronauts; two earlier countdowns were scuttled by rocket-related issues.

Veteran NASA astronauts Butch Wilmore and Suni Williams are retired Navy captains who spent months aboard the space station years ago. They joined the test flight after the original crew bowed out as the delays piled up. Wilmore, 61, is a former combat pilot from Mount Juliet, Tennessee, and Williams, 58, is a helicopter pilot from Needham, Massachusetts.

THE TEST FLIGHT

Starliner blasted off on United Launch Alliance’s Atlas V rocket from Cape Canaveral Space Force Station. It's the first time astronauts have ridden an Atlas since NASA’s Project Mercury, starting with John Glenn when he became the first American to orbit the Earth in 1962. Now 62 years later, Wednesday's launch was the 100th for the top-of-the-line Atlas V, which is used to hoist satellites as well as spacecraft. ULA is a joint venture of Boeing and Lockheed Martin.

Starliner should reach the space station with its seven residents on Thursday. Starliner will remain docked for just over a week, undergoing checkouts before landing in the American West.

STARLINER VS. DRAGON

Both Boeing and SpaceX's capsules are designed to be autonomous and reusable. This Starliner is the same one that made the first test flight in 2019. Unlike the SpaceX Dragons, Starliner has traditional hand controls and switches alongside touchscreens and, according to the astronauts, is more like NASA’s Orion capsules for moon missions. Plans called for Wilmore and Williams to briefly take manual control to test out the systems on their way to the space station.

NASA gave Boeing, a longtime space contractor, more than $4 billion to develop the capsule, while SpaceX got $2.6 billion. SpaceX already was delivering supplies to the space station, and merely refashioned its cargo capsule for crew. While SpaceX uses the boss' Teslas to get astronauts to the launch pad, Boeing has a more traditional “astrovan.”

One big difference at flight’s end: Starliner lands on the ground with cushioning airbags, while Dragon splashes into the sea.

Boeing is committed to six Starliner trips for NASA after this one, which will take the company to the station’s planned end in 2030. Boeing has said a fifth seat will be available to private clients. SpaceX periodically sells seats to tycoons and even countries eager to get their citizens to the station for a couple weeks, but these rides are separate from NASA's dedicated six-month missions.

Coming soon: Sierra Space’s mini shuttle, Dream Chaser, which will attempt to deliver cargo to the station later this year, before accepting passengers. It is due to launch on ULA's new Vulcan rocket, the eventual successor to the Atlas V.

The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.