Topics
later
AI
Amazon
Image Credits:David Paul Morris/Bloomberg / Getty Images
Apps
Biotech & Health
mood
Image Credits:David Paul Morris/Bloomberg / Getty Images
Cloud Computing
Commerce
Crypto
Enterprise
EVs
Fintech
Fundraising
contraption
gage
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
secrecy
Robotics
protection
Social
quad
Startups
TikTok
Transportation
speculation
More from TechCrunch
event
Startup Battlefield
StrictlyVC
newssheet
Podcasts
television
Partner Content
TechCrunch Brand Studio
Crunchboard
adjoin Us
GM ’s decision toshut down its Cruise robotaxi programcontinues to burble through the grocery , extending to the self - drive car company ’s nonage investor .
Microsoft , which in 2021 made an investing into Cruise , will take $ 800 million deadening heraldic bearing as a result of GM ’s actions , according to a regulative filing . Microsoft tell the charge will be show in other income and disbursement and was not included in its second quarter steering provided on October 30 , 2024 . It is estimated to have a damaging impact of approximately $ 0.09 to 2nd quarter diluted earnings per share , according to the filing .
GM possess about 90 % of Cruise . GM said it has agreements with other minority shareholder to bribe back shares and raise its possession to more than 97 % . GM antecedently bring on a number of external investor includingMicrosoft , Walmart , Softbank , T.Rowe Price and Honda as the company seek to bring up the billions in capital require to bring robotaxis to the populace .
Cruiseraised $ 2 billionin January 2021 in a cycle that included Microsoft as well as GM and partner Honda . That raise pushed Cruise ’s evaluation up to $ 30 billion . The two companies also strike a long - terminal figure strategic partnership that included programme for Cruise to use Azure , Microsoft ’s cloud and edge reckon political platform , for its autonomous vehicle drive - hailing service .
General Motors announced Tuesday it would no longer fund development of the robotaxi and instead take in its self - drive car subsidiary Cruise and unite it with the automaker ’s own efforts to grow driver assistance feature of speech — and finally fully sovereign personal vehicles . GM acquired the self - driving inauguration Cruise in March 2016 for$1 billion . Since then , GM has spent more than $ 10 billion on the fellowship in a bid to market self-directed fomite applied science via a robotaxi business .
Minority investor Honda say Wednesday it willstop fund a joint venturewith General Motors and Cruise to establish a robotaxi service in Japan .
