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...General Motors is to scale back ambitions for its self-driving unit Cruise following a pedestrian injury last month, which led it to suspend testing....
...General Motors’ Cruise faces probes by numerous federal and state authorities, including the Department of Justice and Securities and Exchange Commission, after an accident that led to the shutdown of driverless...
...Collectively, companies including Tesla, Alphabet, General Motors, Uber, Baidu and Ford have invested billions of dollars in the technology. Safety records are impressive....
...California regulators have barred Cruise’s autonomous vehicles from the state’s roads and accused the company of misrepresenting details about an accident, dealing a sharp setback for the General Motors-owned...
...Following a highly publicised accident involving one of its driverless vehicles in San Francisco, General Motors-owned Cruise said on Thursday that the “most important thing for us right now is to take steps...
...GM halted the division’s work and regulators are investigating the case....
...Its market capitalisation topped $85bn, at least $27bn higher than either Ford, General Motors or Fiat Chrysler owner Stellantis....
...In the US, Cruise has been racing against Tesla and Waymo, part of Alphabet, to develop robotaxi services, and parent GM has set an ambitious revenue target of $1bn by 2025....
...That is despite the fact the company is only expecting to produce some 50,000 cars this year — a tiny number compared with the 5.9mn vehicles GM sold last year....
...GM-owned Cruise and Amazon-owned Zoox are both based there, while Alphabet-owned Waymo has been testing there for years....
...But, in San Francisco, close to its headquarters, the tech giant has found itself overtaken by Cruise — a start-up backed by General Motors — in the race to secure the first robotaxi permit for a large US...
...Cruise, General Motors’ self-driving unit, started its fledgling robotaxi service here a few months ago. Interest is high and the waiting list is long. On Tuesday, I bagged a ride....
...But GM didn’t follow through....
...General Motors plans to sell the GMC Hummer and Chevrolet Silverado, a prime rival to the F-150....
...Nikola also revealed a revised deal with General Motors, that was significantly scaled back from the one announced in early September. First off, GM will no longer be taking a stake in Nikola....
...GM shut down plants in March as the virus spread across the US, and autoworkers feared contracting the disease in the close quarters of an assembly line....
...“Our negotiations with GM regarding its ability to supply ventilators have been productive, but our fight against the virus is too urgent to allow the give-and-take of the contracting process to continue...
...Even Alphabet, however, beat expectations, and its revenue dropped by only 2 per cent, at a time when other advertising businesses are contracting sharply....
...Cruise, the self-driving unit of General Motors, unveiled its first autonomous electric vehicle, claiming it could be built “at roughly half the cost” of a conventional car....
...The investment matches the $2.25bn that SoftBank last year ploughed into Cruise, the General Motors driverless car unit, and points to an acceleration of efforts by the leading autonomous vehicle companies...
...We model GM compression of -130bps due to a further impact from rising glass costs....
...Documents provided by the DMV show that two companies — Cruise, which is part of General Motors and has permits for almost 400 drivers in California, and Aurora, a start-up founded by autonomous industry...
...GM’s challenge is how to stay relevant in that world....
...Craig Glidden Executive vice-president and general counselGeneral Motors When Craig Glidden joined GM in 2015 the legal department was in crisis....
...Ford is widely viewed as lagging it’s cross-town rival General Motors in autonomous vehicle development and news last month that SoftBank was investing $2.3bn in Cruise, GM’s self-driving car arm, reinforced...
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