TECH - GM's Chief Mary Barra Has Huge Vision For Cruise Despite Mounting Losses Regulatory Bumps: 'People Will See... | Benzinga
General Motors Co.’s (NYSE:GM) autonomous driving unit, Cruise, experienced increased losses and a lack of revenue in the last quarter, coupled with a suspension from San Francisco’s roads. Nonetheless, management remains unfazed.
What Happened: In the last quarter, Cruise reported an EBIT-adjusted loss of $732 million, a 47% increase from $497 million a year earlier.
The increased expenses were primarily due to the unit’s ambitious scaling efforts, as stated by its parent company. General Motors anticipates maintaining a similar quarterly loss rate as it continues to expand operations while focusing on efficiency.
“We do believe that Cruise has ...