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Cruise receives USD 850 million from GM; to re-launch tests in Houston
Auto Tech
Jun 11, 2024
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Jun 11, 2024

Cruise receives USD 850 million from GM; to re-launch tests in Houston

Geographic expansion
Funding

  • General Motors (GM) has invested USD 850 million in Cruise, its autonomous vehicle subsidiary. The company is also looking for external investors to strengthen Cruise's financial position further.

  • Cruise intends to utilize the funds to manage operational costs while recommencing vehicle testing across several US cities.

  • Today, the company also announced that it is re-launching autonomous vehicle tests in Houston, Texas, with a human safety driver to take control when needed. Initially, the company will look to test and validate the technology. Previously, it launched vehicle tests in Phoenix, Arizona, and Dallas, Texas , in May and June 2024, respectively. 

  • Cruise has accumulated losses of USD 8.2 billion since 2017, including USD 3.5 billion in 2023 alone. The company also recently settled to pay for at least USD 8 million with an incident in San Francisco in October 2023 , where a pedestrian was injured by one of its robotaxis.

  • Analyst QuickTake: The above incident in October led to the suspension of California's commercial permit and its nationwide operations to evaluate safety, which involved external legal reviews and a recall of all vehicles to update software. Changes in leadership and staff reductions have marked Cruise's response to the crisis, with key resignations and GM executives stepping in to steer the company's recovery efforts. Despite GM’s previously announced significant financial cutbacks, it remains committed to Cruise's future, which can be noted with the fund injection today.

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