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...The business, however, does have a deal with GM’s financial arm that would allow it to borrow up to $4.3bn to buy self-driving cars from GM or for other expenses....
...Cruise later halted its driverless car operations across the country, and GM said it would cut spending on the unit by “hundreds of millions of dollars”....
...The GM unit scored an important breakthrough in early August when California’s public utilities commission granted it and Waymo, Alphabet’s autonomous car company, the right to run full-scale driverless...
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...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....
...“Vietnamese EV maker worth more than Ford or GM after US listing,” headlined MainFT. Bloomberg said that the spectacular first-day pop “added $39bn to the net worth of the chairman Pham Nhat Vuong.”...
...McBride praises her “great instincts and engaged leadership”, her aptitude for site selection and conversion, and her skill at recruiting top talent (while hotel GMs who’ve found her management style to...
...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....
...Meanwhile, industry leaders Cruise, owned by GM, and Alphabet’s Waymo were last valued at $30bn and continue to expand efforts in multiple cities....
...Investment bank and financial services company UBS has said Cruise is a “key” reason why it has a buy rating on the shares of GM, whose own valuation is just above $50bn....
...Cruise, the autonomy company owned by GM, also has empty cars driving around. If you think a car without a driver is strange, wait until you see one going down the road without anyone in it at all....
...GM says it is investing about $2bn a year. Kyle Vogt, co-founder and chief executive of Cruise, talks of scale as the company’s focus. Cruise says that by 2025, revenues should hit $1bn....
...France’s Engie and Spain’s EDP Renewables, under the snazzy joint venture name of Central California Offshore Wind LLC, will develop a project together....
...Zoox and GM-backed Cruise have both unveiled purpose-built vehicles that, without a steering wheel or pedals, appear far more futuristic than the “soccer mom” Chrysler Pacificas used by Waymo....
...Last summer, Waymo and GM-owned Cruise obtained permits to “receive compensation for autonomous services offered to the public”....
...But GM didn’t follow through....
...In the past year alone Uber’s driverless group merged with Aurora, Lyft’s “Level 5” unit was sold to a division of Toyota, and Cruise, the driverless unit of GM, acquired the start-up Voyage....
...First off, GM will no longer be taking a stake in Nikola....
...(FT) News round-up Beijing’s concerns loom over Nvidia’s $40bn Arm deal (FT) Beijing unlikely to block ByteDance deal with Oracle, say experts (FT + Lex) Ex-GM executive moonlights as matchmaker in deal...
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...But the stakes are high for the company, which is majority owned by GM but is backed by Japanese tech group SoftBank and automaker Honda....
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