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GM attributed the change of strategy to “the considerable time and resources that would be needed to scale the business”.<\/p>\n
The company did not say how many Cruise employees could be moved over to GM.<\/p>\n
GM, which owns about 90% of Cruise, said it has agreements with other shareholders that will raise its ownership to more than 97%.<\/p>\n
In December 2023, Cruise said it would cut 900 jobs, about a quarter of its workforce.<\/p>\n
The announcement came as safety officials were investigating the firm after reports of injuries to pedestrians.<\/p>\n
Cruise had earlier pulled all of its US vehicles from testing after California halted its driverless testing permit.<\/p>\n
The Detroit-based manufacturer’s chief executive Mary Barra has previously predicted that the Cruise business could generate $50bn (\u00a339bn) in annual revenue by 2030.<\/p>\n
Rival motor manufacturing firms have also struggled with projects to build autonomous vehicles.<\/p>\n
In 2022, Ford and Volkswagen announced that they would shut down Argo AI, their self-driving car joint venture.<\/p>\n
Meanwhile, the emerging robotaxi industry is also attracting major players.<\/p>\n
As well as Tesla, competitors to create self-driving cabs include Waymo, a subsidiary of Google’s parent company Alphabet – and technology giant Amazon.<\/p>\n
Ride-hailing firms Uber and Lyft also have ambitions to use autonomous vehicles.<\/p>\n<\/div>\n<\/div>\n
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