General Motors’ Cruise plans to resume fully autonomous driving later this year
General Motors’ (NYSE:GM) Cruise division plans to resume fully autonomous rides later this year after improving its technology, repairing relationships with regulators, and meeting tougher safety standards, Bloomberg said citing people familiar with the matter.
On an earnings call with investors earlier this week, GM CEO Mary Barra said the Cruise team will focus the next autonomous vehicle on the next generation Chevy Bolt EV instead of the Origin. By making the shift, Cruise addresses the regulatory uncertainty with the Origin, unit costs will be much lower, and the change will help GM (GM) fully leverage investment in the Bolt with a major new customer for the vehicle.
“We think all of these are important steps that will help us to attract those who believe in the Cruise mission and see the incredible long-term business opportunity of autonomous driving,” Barra said.
By 2025, Cruise hopes to start charging fares for its robo-taxi, according to Bloomberg, a target that would help lure in investors to help with funding and continued development.
GM (GM) shares are down more than 4% to a 2-month low.