GM's Chief Mary Barra Has Huge Vision For Cruise Despite Mounting Losses, Regulatory Bumps: 'People Will See...
Portfolio Pulse from Anan Ashraf
General Motors' autonomous driving unit, Cruise, reported a 47% increase in losses from $497 million to $732 million in the last quarter due to ambitious scaling efforts. Despite this, GM's CEO Mary Barra remains optimistic about Cruise's growth and expansion. However, the California Department of Motor Vehicles suspended Cruise's autonomous vehicle deployment and driverless testing permits in San Francisco due to safety concerns. Morgan Stanley's Adam Jonas remains bullish on Cruise's prospects, predicting $1 billion in revenue by 2025.
October 25, 2023 | 5:37 am
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GM's autonomous driving unit, Cruise, reported increased losses due to scaling efforts. Despite this, GM's CEO remains optimistic about Cruise's future. However, regulatory issues in San Francisco could pose challenges.
The increased losses reported by Cruise could negatively impact GM's financial performance. However, the CEO's optimism about Cruise's growth potential and the bullish outlook from Morgan Stanley could offset this negative impact. The suspension of Cruise's permits in San Francisco is a concern, but it's unclear how this will impact GM's overall operations.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100