GM is halting Cruise's robotaxi development after numerous safety incidents and the need for more resources to compete in the autonomous vehicle market.
Mary Barra highlighted that the decision aims to refocus GM's strategy on driver assistance and autonomous driving technology within their vehicles.
The restructuring plan aims to reduce GM's annual spending by more than $1 billion, indicating the financial pressures from the robotaxi business are significant.
Cruise faced regulatory scrutiny and safety problems, including incidents that resulted in government fines and loss of operational permits, which influenced GM's decision.
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