TSLA - Robotaxi-Focused Elon Musk Says GM 'Not Making The Right Moves' With $850M Investment In Self-Driving Cruise Unit | Benzinga
Legacy automaker General Motors Corp. (NYSE:GM) is preparing to invest oodles of money into its loss-making Cruise self-driving unit. Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk thinks it’s a really bad idea.
What Happened: GM’s CFO Paul Jacobson on Tuesday said at Deutsche Bank’s Global Auto Industry Conference in New York City that the company plans to invest $850 million to cover operating costs at its Cruise unit, media reports said. The company is also reportedly scouting for external financing from investors to beef up the unit’s financial position.
Reports said Cruise has posted a loss of $8.2 billion since 2017, including the $3.48 billion loss it incurred in 2023 alone.
Musk reacted to a post by a Tesla influencer about the news. “They are not making the right moves to succeed,” he said.