Adding insult to injury! General Motors' autonomous driving department's valuation was halved following the shattering of "Apple's car-making dream."
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General Motors' autonomous driving car company Cruise has seen its internal stock price drop by more than half compared to a quarter ago, mainly due to the lingering impact of an accident in October last year. Additionally, Apple's cancellation of its electric car development plan has led to a downgrade in Cruise's valuation. The CEO of Cruise stated that the company still faces many challenges and there is a long way to go before achieving large-scale commercialization. General Motors also announced a reduction in Cruise's annual budget and is facing investigations from multiple U.S. government agencies.
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