Wed, December 11, 2024
[ Wed, Dec 11th 2024 ]: techUK
Nations and Regions 2024 round-up
[ Wed, Dec 11th 2024 ]: Mercury News
California Politics
[ Wed, Dec 11th 2024 ]: The Nation
Remembering Fred Harris
Tue, December 10, 2024
[ Tue, Dec 10th 2024 ]: spectator.com.au
The return of politics

GM to retreat from robotaxis and stop funding its Cruise autonomous vehicle unit

  Copy link into your clipboard //business-finance.news-articles.net/content/202 .. -funding-its-cruise-autonomous-vehicle-unit.html
  Print publication without navigation Published in Business and Finance on by Yahoo Finance
          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
  General Motors said Tuesday it will retreat from the robotaxi business and stop funding its money-losing Cruise autonomous vehicle unit. Instead the Detroit automaker will focus on development of partially automated driver-assist systems like its Super Cruise,


General Motors (GM) has decided to scale back its involvement in the autonomous vehicle sector by ceasing funding for its robotaxi unit, Cruise, and reducing its workforce. This strategic retreat comes after Cruise faced significant challenges, including a high-profile accident involving one of its vehicles in San Francisco, which led to the suspension of its driverless testing permit by California regulators. The incident not only tarnished Cruise's reputation but also prompted a broader reassessment of the company's operations. GM's CEO, Mary Barra, announced that the company would focus on ensuring Cruise operates with the highest standards of safety and transparency. This pivot reflects a broader industry trend where the initial enthusiasm for autonomous ride-hailing services has been tempered by regulatory hurdles, technological challenges, and financial considerations. Cruise, once valued at $30 billion, now faces an uncertain future as it seeks to regain trust and stabilize its operations.

Read the Full YAHOO!Finance Article at:
[ https://finance.yahoo.com/news/gm-retreat-robotaxis-stop-funding-213107658.html ]