Common Motors Co. Has announced that it will no longer fund’s robotaxi development and deployment efforts. The company cited lengthy improvement instances, excessive pricing, and an increasingly aggressive robotaxi market as reasons for its decision.
Since its acquisition of self-driving startup Cruise in 2016, General Motors has invested more than $10 billion to date in the subsidiary, transforming it into a leading player in autonomous vehicle technology. In June, General Motors made a significant investment of $850 million in a self-driving startup, a relatively small portion of its overall $3.48 billion outlay in 2023.
General Motors currently holds around 90% ownership in Cruise, with agreements in place that could potentially elevate its stake to a remarkable 97%. The plan is to collect all outstanding shares, allowing for potential restructuring and revamped operational strategy at Cruise.
As part of its strategic expansion plan, the company is actively seeking to significantly boost its footprint in China, which has emerged as the globe’s largest market for industrial robots. China’s leading developer of collaborative robotic arms is poised to unveil two new robots tailored specifically for the Chinese market.
The UR7e features a 7.5 kg (16.5 lb) payload capacity and a reach of 850 mm (33.4 in), whereas the UR12e boasts a 12.5 kg (27.5 lb) payload capacity and an attainable length of 1,300 mm (51.1 in).
The specifications of these fashions have been carefully selected to meet the specific needs of China’s automotive, digital, and metals and equipment industries, as well as other sectors.
Embodied in monetary bother
According to sources, a crucial injection of capital failed to materialize, ultimately leading to the demise of the company founded by its visionary leader. The following information has been gathered from a range of social media posts shared by current and former employees.
As of this writing, despite efforts to reach Embodied for further comment, the company has yet to provide a response. The company has published an announcement on its website.
