General Motors' autonomous driving unit, Cruise, has abandoned plans to build its purpose-built "Origin" autonomous vehicle. Instead, the company will use the next-generation Chevrolet Bolt for autonomous driving operations.

Cruise's shift to the next-generation Bolt addresses the regulatory uncertainties associated with the Origin's unique design, which lacks a steering wheel and pedals and does not comply with current regulations in some regions. Additionally, Bolt's lower per-unit costs will help Cruise optimize its resources more effectively. 

The company also mentioned a USD 583 million financial charge related to Origin asset write-offs and restructuring costs in the second quarter.

Analyst QuickTake: Despite Cruise’s past projections of large-scale deployment, Origin's future was uncertain, especially after production was paused in November 2023 following regulatory issues in California, leading to significant operational and leadership changes at Cruise. On a separate note, the company is familiar with using Bolts for operations, as they were previously deployed for testing and operations before the commercial launch of the Origin.