GM looking at the best path to unlock value at Cruise, CEO Barra says

By Thomson Reuters Feb 15, 2024 | 11:26 AM

(Reuters) – General Motors Chief Executive Mary Barra said on Thursday that the automaker was looking at the best path to unlock value at its self-driving unit Cruise.

Shares of GM rose about 2%.

Cruise is an “incredibly valuable asset”, Barra said at an event hosted by Wolfe Research.

The Detroit automaker will focus on relaunching the unit this year, she added while reiterating her support for the unit.

Barra’s comments come one month after GM said it would cut spending by about $1 billion at the money-losing robotaxi unit in 2024. It had said earlier in December that it would slash 24% of its workforce at Cruise.

“As we get further along, (Cruise) is going to be a huge opportunity from a personal autonomous vehicle perspective,” Barra said.

GM is also navigating regulatory scrutiny after one of automated vehicles designed by Cruise hit a pedestrian last year.

(Reporting by Nathan Gomes in Bengaluru and Joseph White in Detroit; Editing by Shilpi Majumdar and Tasim Zahid)