GM’s Cruise abandons Origin robotaxi, takes $583 million charge

Quick Summary:

GM’s self-driving car subsidiary Cruise is scrapping plans to build the Origin  — a purpose-built robotaxi with no steering wheel or pedals — and will instead use the next-generation Chevrolet Bolt in its operations.

The Cruise subsidiary had an operating loss of $1.14 billion in the second quarter that included a $605 million impairment charge.

Cruise, a San Francisco-based startup acquired by GM in 2016, has not received approval from California regulators to relaunch operations there.

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Article Details

Author / Journalist: Kirsten Korosec

Category: Technology

Markets: United StatesIndia

Topics: EVs Cruise Transportation

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-23 @ 10:30:00 (10 hours ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 1146 words

Reading Time: 7 minutes read

Sentences: 48 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 21749643

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