General Motors has decided to halt funding for its Cruise driverless ride-hailing service after spending over $10 billion. GM CEO Mary Barra cited the operational challenges of deploying a fleet of robotaxis as reasons for the decision. The company will focus on developing autonomous systems for personal vehicles instead. Cruise founder Kyle Vogt criticized GM harshly following the announcement. Despite this setback, competitors like Waymo and Tesla are making strides in the autonomous vehicle market. GM’s restructuring is expected to cut annual expenditures on Cruise by more than half, which led to a 2.3% increase in GM shares in extended trading.
https://www.cnbc.com/2024/12/10/gm-halts-funding-of-robotaxi-development-by-cruise.html