TECH - GM Reportedly Tightens Purse Strings On Self-Driving Unit Cruise Raising Concerns Over Long-Term Revenue | Benzinga
General Motors Co (NYSE:GM) has reportedly decided to rein in funding for its self-driving unit Cruise in the wake of a pedestrian injury incident last month that led to a halt in both autonomous and manual operations.
What Happened: GM will spend less on the unit in the future and is expected to reveal the scale of its curtailed investment in the autonomous driving technology on Wednesday, Financial Times reported, citing sources. The lower costs will in part be driven by a slower rate of testing.
The decision to delay Cruise’s schedule could likely affect GM's long-term revenue targets, previously set at $80 billion by 2030, and expected to be fueled by new sectors such as ...