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GM's $600 Million Robotaxi Problem

Cruise Origin was an icon of autonomous driving, and now it may be gone.

By Travis Hoium – Updated Jul 26, 2024 at 5:35AM EST

General Motors (GM 0.69%) said it would write down the Cruise Origin vehicle and shift strategies at Cruise to utilize the next-generation Bolt EUV. The market didn't like the news, nor did Cruise's co-founder and former CEO. Travis Hoium covers why this move and the $600 million write-off that came with it may have been the best option for GM.

*Stock prices used were end-of-day prices of July 24, 2024. The video was published on July 25, 2024.

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About the Author

Travis Hoium
Travis Hoium is a contributing Motley Fool stock market analyst covering solar energy, technology, and growth stocks. Before The Motley Fool, Travis was a mechanical engineer at 3M and founded a virtual reality company. He holds a bachelor’s degree in mechanical engineering and a master’s degree in business administration from the University of Minnesota.
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Travis Hoium has positions in General Motors. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends General Motors and recommends the following options: long January 2025 $25 calls on General Motors. The Motley Fool has a disclosure policy. Travis Hoium is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.

Stocks Mentioned

General Motors Stock Quote
General Motors
NYSE: GM
$73.53
(-0.69%)-$0.51

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

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