General Motors is walking away from the robotaxi market, announcing it will shut down its Cruise driverless ride-hailing service after investing over $10B.
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00:00General Motors is walking away from the robo-taxi market.
00:04GM announced it will shut down its Cruise driverless ride-hailing service
00:09after investing over $10 billion in the unit.
00:12The company will fold Cruise into broader tech teams
00:15focused instead on developing autonomous systems for personal vehicles.
00:19CEO Mary Barra cited the competitive robo-taxi market,
00:23resource demands and capital priorities as reasons for that shift.
00:27General Motors, which owns nearly 90% of Cruise,
00:31plans to acquire full ownership by early 2025,
00:35and it's yet to determine how many of Cruise's 2,300 employees will transition to GM.