General Motors has sliced Cruise's budget by $1B, but says it may bring on new Cruise investors when it starts rolling robo-taxis back on the streets [Fortune]
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Source: Fortune
outside capital into its autonomous robo-taxi subsidiary when it's finally ready to start putting its vehicles back on the road, a GM executive said earlier this week. While speaking at a Bank of America event on March 26, General Motors CFO Paul Jacobson said that GM was considering bringing in other strategic partners for capital investment. “Yes, we're really looking at everything,” he said in response to a question about new strategic capital in Cruise. “There's obviously been a lot of capital available for AI. And this is one of the most complex AI implementation[s] that's out there. So we're looking at that,” Jacobson said. Cruise has recorded $9.2 billion in pre-tax losses since GM acquired the company in 2016, according to filings. In recent months GM has overhauled Cruise's executive team and slashed its budget by $1 billion following an incident last fall in which a pedestrian that had been struck in a hit-and-run was subsequently dragged by one of Cruise's autonomous
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