General Motors has discontinued its Cruise robotaxi program, ending nearly a decade of development and $10 billion in investment, citing the high costs of scaling and increased competition in the sector. The company will refocus its autonomous strategy on enhancing advanced driver assistance systems and fully autonomous technology for personal vehicles, building on its Super Cruise feature. GM plans to consolidate Cruise’s team with its in-house efforts and buy out remaining Cruise investors. The move is expected to save over $1 billion annually once completed in mid-2025. GM shares rose 3% in aftermarket trading following the announcement.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02General Motors has discontinued its Cruze Robotaxi program, adding nearly a decade in
00:06development and $10 billion in investment, citing the high cost of scaling and increased
00:11competition in the sector.
00:13The company will refocus its autonomous strategy on enhancing advanced driver assistance systems
00:18and fully autonomous technology for personal vehicles, building on its Super Cruze feature.
00:24GM plans to consolidate Cruze's team with its in-house efforts and buyout remaining
00:28Cruze investors.
00:30The move is expected to save over $1 billion annually once completed in mid-2025.
00:36GM shares rose 3% in aftermarket trading following the announcement.