GM’s driverless car company, Cruise, has reported a net loss of $435 million in the third quarter of 2024, a decrease from the $791 million loss in the same quarter the previous year. The autonomous taxi service offered by Cruise was suspended in California following an accident, leading to top executives resigning and a large number of employees being laid off.
Currently, Cruise has resumed service in Arizona and Texas, while the company is in the process of returning to service in California with manned vehicles, switching to Chevrolet Bolt cars. GM’s management approach to Cruise involves cautious investment, potential partnerships, and ensuring that the business does not incur excessive losses, given its status as a new venture.
TLDR: Cruise, GM’s autonomous vehicle subsidiary, experienced a $435 million net loss in Q3 2024, following a suspension of services in California due to accidents. The company is now back in operation in other states with a more controlled approach to business management.
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