General Motors pulls plug on Cruise robotaxi project

Published On Dec 10, 2024, 8:45 PM

General Motors (GM) has decided to cease funding its Cruise robotaxi project to concentrate on autonomous driving in personal vehicles instead. This decision comes amid increased competition in the robotaxi market and significant resources needed to scale the business. GM owns a majority stake in Cruise, and previously anticipated that Cruise could generate substantial revenue by 2030. The decision follows job cuts at Cruise and scrutiny from safety officials regarding its operations.

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Stock Forecasts

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Negative

Given GM's shift away from the robotaxi project amid competitive pressures and previous struggles in the autonomous vehicle sector, the outlook for GM might be perceived negatively by investors. The move suggests a strategic retreat from a potentially lucrative yet difficult market.

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