GM pulls plug on Cruise robotaxi after investing more than $10B in self-driving business
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General Motors (GM) has decided to cease operations of its Cruise robotaxi business after investing over $10 billion. The decision was influenced by the significant time and resources required to scale the business and the growing competition in the robotaxi market.
December 11, 2024 | 12:00 am
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GM has decided to stop its Cruise robotaxi operations, despite a $10 billion investment, due to scaling challenges and increased competition.
The decision to cease operations of the Cruise robotaxi business is significant for GM as it represents a major strategic shift and a potential loss on a $10 billion investment. This could negatively impact GM's stock price in the short term due to investor concerns over the write-off and the competitive pressures in the autonomous vehicle market.
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