GM pumps $850 million in Cruise to keep struggling robotaxi company afloat
by Andrew J. Hawkins from The Verge - All Posts on (#6NEYT)
Image: Cruise General Motors is investing $850 million into Cruise to help cover the company's operational costs after it was forced to shut down its robotaxi service when one of its driverless cars struck a pedestrian.
GM chief financial officer Paul Jacobson announced the investment onstage at Deutsche Bank's Global Auto Industry Conference in New York City today. The money would be used to cover Cruise's operational costs as it slowly resumes testing its autonomous vehicles in several US cities. The company says it is also looking for new external investors to help bolster its financial situation.
Cruise was a big money loser for GM, even prior to the incident last year in which one of its driverless vehicles dragged a pedestrian 20 feet in San...