General Motors is planning to close down Cruise, its autonomous vehicle technology development business, after the startup had racked up expenses of approximately $10 billion while generating revenues of only $500 million.
The way GM announced the closure on its website was that it plans to “realign its autonomous driving strategy and prioritize development of advanced driver assistance systems on a path to fully autonomous personal vehicles”.
GM will build on the progress of Super Cruise, the company’s hands-off, eyes-on driving feature, now offered on more than 20 GM vehicle models and currently logging over 10 million miles per month. [Read more…] about General Motors to shut down autonomous car developer Cruise despite $10 billion spend