Cruise is in danger of becoming GM's latest trendy venture that doesn't pay off
Publishing timestamp: 2023-12-15 12:54:38
Summary
General Motors' autonomous vehicle subsidiary, Cruise, has faced numerous problems and investigations since an accident in October 2021. The incident led to the grounding of Cruise's robotaxi fleet, leadership changes, and layoffs. Despite these challenges, GM remains committed to Cruise and believes it can eventually succeed. However, there are concerns about the profitability of autonomous vehicles as a business. GM's previous ventures in trendy industries have largely failed, and Cruise could join that list if it doesn't turn operations around. GM is cutting spending and refocusing on its core business. The future of Cruise will be discussed at an investor event in March.
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Keywords: rivian automotive inc, ford motor co, business, autos, driverless cars, transportation, business news, detroit, paul jacobson, walmart inc, amazon.com inc, uber technologies inc, lyft inc, alphabet class c, general motors co, alphabet inc, apple inc, nikola corp, microsoft corp, meta platforms inc, breaking news: business, mary barra,
Source: https://www.cnbc.com/2023/12/15/cruise-looks-like-gm-latest-failed-bet-on-trendy-venture.html