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robotaxi endeavorsTheStreet
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76% Informative
General Motors announced late on December 10 that it is shutting down operations of its Cruise robotaxi venture, citing the prohibitively expensive costs of continuing to develop the technology.
The move caught Cruise employees off-guard as they inched closer to fully recovering from an accident in late 2023 in which a pedestrian was dragged approximately 20 feet underneath one of Cruise 's autonomous Chevrolet Bolts .
The automaker spent $10 billion on Cruise since it took the wheel in 2016 .
GM says it is ceasing to fund Cruise 's robotaxi development work.
The move should lead "to lower spending by more than $1 billion annually " Bank of America analyst John Murphy says GM 's exit may prove that Tesla and Google -owned Waymo might be better at the roboticaxi game.
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