Wall Street Breakfast GM pumps the brakes on robotaxis
Dec 11, 2024
General Motors makes a significant pivot by halting its robotaxi development to focus on autonomous technology for personal vehicles. Meanwhile, Bausch & Lomb faces turbulence with reports of Blackstone potentially backing out of a takeover bid. On the tech front, Microsoft shareholders voted against investing in bitcoin, despite a strong proposal from Michael Saylor. These shifts in strategy highlight key trends in the automotive sector and the ongoing debate around cryptocurrency in investment circles.
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GM Refocuses on Personal Vehicle AD
- GM is halting funding for its Cruise Robo-Taxi division to focus more on autonomous driving technology for personal vehicles.
- This shift aims to save about $1 billion annually and reflects the competitive challenges in the robo-taxi market.
GM Boosts Stake in Cruise
- GM will increase ownership in Cruise to 97% from 90% to restructure and refocus the company.
- The move aims to unify efforts and enhance efficiency in developing autonomous vehicle technology.
Blackstone Considers Dropping Bosch Bid
- Blackstone may drop out of the Bosch & Loam takeover bid due to the seller's high price expectations.
- This development lowers the chances of a deal happening as TPG and Blackstone consider the asking price too high.