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Wall Street mostly upbeat on GM's decision to pull the plug on Cruise

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General Motors needed to exit its Cruise robotaxi business, most Wall Street analysts agreed on Wednesday, but the automaker's decision to do so was still a disappointing end for an operation that GM had touted as a potential $50 billion revenue generator by 2030.
General Motors' decision to pause production of its self-driving vehicle unit, Cruise, in 2024 has elicited a mixed response from Wall Street analysts. While some view the move as a strategic pause to address safety concerns and regulatory issues, others see it as a potential setback for GM's autonomous driving ambitions. The pause follows an incident involving a Cruise robotaxi in San Francisco, which led to the suspension of its license by the California Department of Motor Vehicles. Despite the halt, analysts remain largely optimistic about GM's long-term prospects in the autonomous vehicle market, citing the company's commitment to safety and technology development. They believe that this strategic retreat could allow Cruise to refine its technology, enhance safety protocols, and strengthen its regulatory compliance, potentially positioning it for a stronger comeback. However, there are concerns about the financial implications and the competitive landscape, with some analysts questioning the timeline for Cruise's return and its impact on GM's overall market position.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/autos-transportation/wall-street-mostly-upbeat-gms-decision-pull-plug-cruise-2024-12-11/ ]