GM has drastically lowered the value of Cruise by billions and billions of dollars. Cruise valuation dropped roughly from $30 billion to $15 billion. And GM is taking a loss of about $11.6 billion.
Article from SF Examiner on how the City of San Francisco is objecting to Cruise's proposal to the CPUC to end the investigation into the incident where Cruise vehicle hit and dragged a pedestrian.
A truly fascinating and in depth timeline of the ill fated Apple Autonomous/Electric Vehicle program. Amazing that at one point it had 5,000 employees!
After spending billions of dollars, Apple realized that it is best to completely abandon their autonomous electric vehicle program. This article is very relevant because it shows that the current autonomous vehicle business is in collapse. It is an especially important message for Cruise.
It isn’t looking good. It has been 4 months since their epic disaster of seriously injuring a pedestrian, misinforming regulators and the public, and shutting down service. They have pushed out almost all of their executives and a quarter of their staff. And they do not appear to have a recovery plan. Things do not look good. One has to expect Cruise to be sold in a fire sale or simply abandoned by the end of 2024. This post covers a few recent factors that point in this direction.
This article is only of interest because it shows how drastically robotaxi plans have changed over the last few years. Waymo purchased from Fiat Chrysler Automobiles (now Stellantis) 100 minivans in 2016 and then another 500 in 2017. In January 2018 it was announced that Waymo was ordering "thousands" of minivans for a 2018 self-driving fleet rollout. In August 2018 it was announced that Stellantis was going to supply (up to) 62,000 minivans to Waymo/Google. But that is all just a distant memory.
Didi has withdrawn and other Chinese companies have scaled back from the California’s autonomous vehicle testing program. Didi’s exit from California comes amid growing geopolitical tensions between the US and China, with concerns about data collection practices. Plus could be due to public reaction due to Cruise issues.
Article from the Verge by Andrew J. Hawkins on why we don't have the autonomous vehicles we were promised. The excellent article presents not only the history of the development of autonomous vehicles, but also why it has taken so long, why the predictions have been so far off (especially with Tesla), and why so much money has been thrown at the technology.
It has been in the news that Elon Musk's $56B pay package was recently voided, because of a lawsuit by some heavy metal drummer. This of course merits a full explanation of what the heck happened, and a viewing of a video of the $56B drummer in action. He is very worthy!
False excitement on autonomous vehicles by showing that testing by Apple had tripled. The article is misleading since the reason the increase in testing miles was a factor of three was because Apple had previously done so little testing.
An analysis by Michael Smith on the Quinn Emanuel Report (QER) on the October 2nd, 2023 crash where a pedestrian was dragged and seriously injured. The report was commissioned by Cruise to determine what went wrong and how to address the problems, both technical and operational. But the QER failed to address the most important issues and is therefore not an indication that Cruise is moving forward with improving safety.
Aptiv is scaling back involvement in its self-driving joint venture Motional, halting further funding and reducing its stake after heavy losses. The move mirrors industry peers like GM and Ford, who face challenges in developing autonomous driving.
General Motors is slashing Cruise's 2024 budget by $1 billion despite a commitment to its robotaxi venture. Following an accident resulting in investigations, GM seeks to refocus Cruise, now enduring a $2.7 billion loss and restructuring. CEO Barra emphasizes safety and talent retention, as expansion plans are paused.
A summary of the commentary by Missy Cummings on why the Quinn Emanuel Report released by Cruise did not adequately cover deficiencies in Cruise's remote operations. The deficiencies were significant and need to be addressed by regulators. Link provided to Cummings full article.
