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☆ Elon Musk reportedly met with Donald Trump in Florida
▼ + stars: | 2024-03-05 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

Tesla CEO Elon Musk met with former President Donald Trump on Sunday in Palm Beach, Florida, along with unnamed wealthy Republican donors, the New York Times reported, citing three people briefed on the meeting. Private jets belonging to Trump and Musk were spotted landing within less than an hour of one another at a Palm Beach airport on March 2. Musk, who owns X and runs defense contractor SpaceX in addition to Tesla, didn't endorse Trump in his 2016 or 2020 campaigns. In 2022, Trump called Musk a "bull---- artist," claiming that the Tesla CEO said he voted for Trump in private conversations between them. In November 2022, after Musk bought Twitter with the assistance of funding from Saudi Arabia, President Biden was asked whether Musk was a potential threat to national security.

Persons: Elon Musk, Donald Trump, Trump, Joe Biden, It's, didn't, Elon, Musk, Biden, Tesla, Mayra Flores, he's, He's, Ron DeSantis, DeSantis, Nikki Haley, who's, Marty O'Donnell, Jeremy Sylestine Organizations: New York Times, Trump, White, SpaceX, Republican, White House, Twitter, Florida Gov, New, Biden, Congress Locations: Palm Beach , Florida, Palm, Paris, Texas, Saudi Arabia, New Hampshire, U.S, Nevada, Austin , Texas

☆ Hollywood's newest star is the Waymo robotaxi
▼ + stars: | 2024-03-04 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +4 min

Waymo can now operate its Waymo One service in Los Angeles. AdvertisementWaymo is now approved to operate its driverless vehicles in Los Angeles and additional parts of the Bay Area. Los Angeles Mayor Karen Bass expressed concern about Waymo vehicles blocking the roads when emergency vehicles are trying to pass, which has happened several times in San Francisco. Waymo vehicles have been filmed cutting off road access and blocking public transport and emergency vehicles. There are also a few incidents of Waymo vehicles injuring people.

Persons: —, Waymo, Julia Ilina, Los Angeles Mayor Karen Bass, Ilina, Illina, Tilly Chang, Cruise Organizations: Service, California Public Utilities Commission, Los, San, Los Angeles Mayor, Cruise, San Francisco County Transportation Authority, DMV Locations: Los Angeles, Bay, California, San Francisco, San Mateo, San Francisco Peninsula, San Francisco —, San Francisco County

☆ Telcos are barely done rolling out 5G networks — and they're already talking about '5.5G'
▼ + stars: | 2024-03-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +10 min

And yet bosses of major carriers are already talking about building something called "5.5G," or "5G Advanced." Carriers in China, South Korea, the United States, and Europe, properly got underway with launches of 5G networks in 2019. 5G Advanced, or the name for the next stage of 5G, is the next evolution of mobile networks. 5G advanced — 5G standalone, that's absolutely fine. Telcos haven't yet revealed how much more a 5G Advanced data plan will cost compared with 5G.

Persons: Angel Garcia, it's, GSMAi, Milind Kulkarni, Howard Watson, 5.5G, Watson, execs, Mats Granryd, Granryd, Karen Tso, Telcos, Philip Song Organizations: Bloomberg, Getty, Spain — Telecom, Mobile, Congress, MWC, Deutsche Telekom, Telefonica, BT, Vodafone, Facebook, YouTube, Netflix, Apple, Apple Vision, Meta Quest, Telecommunications, 3GPP, CNBC, telco, Huawei, 5G, 5.5G Locations: BARCELONA, Spain, Barcelona, Orange, China, South Korea, United States, Europe, East, Asia Pacific, America

Alphabet's Waymo robotaxi unit won approval from the California Public Utilities Commission to expand service to parts of Los Angeles and the Bay Area, according to a notice posted to the regulator's website on Friday. "Waymo may begin fared driverless passenger service operations in the specified areas of Los Angeles and the San Francisco Peninsula, effective today," the release said. In mid-February, Waymo initiated a voluntary recall filing notice with the National Highway Traffic Safety Administration, saying it would fix software issues. The latest notice applies to the commercial ride-sharing service Waymo One. WATCH: Crowd burns Waymo in San Francisco

Persons: Alphabet's, Waymo, Apple, Elon Musk's Tesla, Cruise robotaxis Organizations: California Public Utilities Commission, San, National, Traffic Safety Administration, California Department of Motor Vehicles, General Motors, Cruise, Palo Locations: Los Angeles, San Francisco Peninsula, Phoenix, California, Palo Alto, San Mateo County, San Francisco

SAN FRANCISCO (AP) — California regulators on Friday authorized Waymo to expand services of its fleet of robotaxis into Los Angeles and to cities on the peninsula south of San Francisco. The California Public Utilities Commission approved Waymo's application for the expansion of its self-driving taxi operations beyond San Francisco starting Friday. The company owned by Google parent Alphabet Inc. has also been operating the service in Phoenix since 2020. The expansion for Waymo comes after California authorities revoked the license of a rival robotaxi service owned by General Motors after determining its driverless cars that had been transporting passengers throughout San Francisco were a dangerous menace. Officials in San Mateo County and Los Angeles had opposed the expansion and want more local say over how robotaxis can operate.

Persons: Waymo Organizations: FRANCISCO, —, The, The California Public Utilities Commission, San Francisco, Google, Inc, General Motors, Cruise Locations: — California, robotaxis, Los Angeles, San Francisco, The California, San, Phoenix, LA, California, San Mateo County

☆ A San Francisco Lyft driver explains how Waymo's self-driving taxis have made driving even more competitive
▼ + stars: | 2024-02-14 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

A San Francisco-based Lyft driver said Waymo's self-driving taxis have made the job more competitive. And it is getting harder every day.”AdvertisementMore drivers, ride challenges, and self-driving taxis make ride-hailing competitiveA self-driving Waymo car in San Francisco. Lyft has a self-driving partnership with the riderless technology company Motional in Las Vegas, which has led to the completion of over 100,000 self-driving Lyft trips. In October, San Francisco banned Cruise from operating in San Francisco after it failed to disclose video footage of a woman being pinned under one of its vehicles. The company told BI it has a couple hundred self-driving taxis in its San Francisco fleet.

Persons: —, Nick Boenzi, San Francisco — Boenzi, Boenzi, He’d, ”, Lyft, Uber, Lyft’s, Cruise, Waymo, he’s, he’ll Organizations: Service, San Francisco International Airport, Getty, BI, who’ve, General Motors, California Public Utilities Commission, San, Lyft Locations: Francisco, San Francisco, Las Vegas, Phoenix, Cruise

☆ Chinese tech startups quietly stop testing driverless cars on Californian roads
▼ + stars: | 2024-02-14 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

Read previewChina’s leading ride-hailing firm has dropped out of a program that allows it to test self-driving vehicles on Californian public roads. Ride-hailing giant Didi has withdrawn from California’s autonomous vehicle testing program, according to the California Department of Motor Vehicles, as several rival Chinese firms also scaled back their self-driving operations in the state. Future Publishing/Getty imagesDidi is not the only Chinese company that appears to be scaling back autonomous vehicle testing in California, or pulling out entirely. That's a significant decline from the previous year, when Chinese autonomous vehicle companies conducted over 450,000 miles of testing. AdvertisementHe said that public backlash toward autonomous vehicles in cities like San Francisco had increased the risks of negative PR for companies testing the technology on public roads.

Persons: —, Didi, WeRide, AutoX —, That's, Sesame, Bob Latta, Cruise, that's, ” John Helveston, ” Helveston Organizations: Service, California Department of Motor Vehicles, Business, DMV, Baidu, Future Publishing, Pegasus Technology, NBC, Republican, Anadolu, Getty, George Washington University Locations: California, Shanghai, China, Jiaxing, San Francisco

☆ Waymo recalls software after two self-driving cars hit the same truck
▼ + stars: | 2024-02-14 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Waymo, the self-driving car division of Google’s parent company, Alphabet, issued a recall for its own self-driving car software after two of its vehicles hit the same truck minutes apart. Minutes apart from one another, two Waymo cars came across the same tow truck that was pulling a pickup truck in Phoenix, Arizona. The pickup’s front end was partly in a turn lane next to the lane the tow truck was driving in. After a first Waymo vehicle hit the pickup, the tow truck kept driving. A few minutes later, a second Waymo vehicle came across the truck and also hit the pickup.

Persons: CNN — Waymo, Waymo, ” Waymo, Cruise Organizations: CNN, National, Traffic Safety Administration, Motors, Cruise Locations: Phoenix , Arizona, San Francisco, California

A Waymo rider-only robotaxi is seen during a test ride in San Francisco, California, U.S., December 9, 2022. Waymo has filed a voluntary recall notice with federal vehicle safety regulators for software that was previously used in their driverless cars, the company announced Tuesday, marking a first for Alphabet 's self-driving vehicle unit. The two collisions involving their robotaxis resulted in only minor vehicle damage and no injuries, Waymo said in the post. Waymo currently operates its driverless ride-hailing service Waymo One in Phoenix, San Francisco, Los Angeles and Austin. In a separate incident, unknown parties set a Waymo vehicle ablaze on Saturday in San Francisco's Chinatown during Lunar New Year celebrations.

Persons: Waymo, Katherine Barna, Barna, Jan, Cruise, Elon Musk, Tesla Organizations: National, Traffic Safety Administration, NHTSA, California Department of Motor Vehicles, GM, California DMV, Authorities, NBC Bay Area Locations: San Francisco , California, U.S, Phoenix, San Francisco , Los Angeles, Austin, San Francisco, California, San Francisco's Chinatown

☆ China just revealed plans to take on Elon Musk's Neuralink
▼ + stars: | 2024-01-30 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Read previewChina has bold ambitions to develop its own brain-computer products by 2025. The MIIT said it wants to achieve breakthroughs in hundreds of technologies by creating "iconic products" by 2025, and it includes making brain-computer interfaces like Elon Musk's Neuralink implant. China has been actively working on creating brain-computer interface devices in recent years, including ones that can rival Neuralink. AdvertisementThe SprialE brain-computer interface can be inserted without the need for surgery as it has a spiral design, allowing it to be slid in without an invasive method, the report says. The tech policy document outlining its ambitions comes after the MIIT published a road map in November of its plans to mass-produce humanoid robots by 2025.

Persons: —, Neuralink, Musk Organizations: Service, Business, Ministry of Industry, Information Technology, Elon, FDA, Tianjin University, China Electronics Corporation, China Morning Post, Tsinghua University, Independent Locations: China, Tianjin, Beijing

☆ Tesla recalls nearly 200,000 vehicles in the U.S. over rearview camera bug
▼ + stars: | 2024-01-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

BURBANK, CALIFORNIA - JANUARY 16: Tesla electric cars are parked at a Tesla dealership on January 16, 2024 in Burbank, California. (Photo by Mario Tama/Getty Images)Electric vehicle maker Tesla is recalling nearly 200,000 cars in the U.S. due to a "software instability" that prevented the rearview camera image from displaying, according to the National Highway Traffic Safety Administration (NHTSA). The U.S. agency said in a recall update on its website that Tesla was recalling certain 2023 Model S, X, and Y vehicles equipped with full self-driving 4.0, the company's driverless software system, due to the software bug. The potential number of cars affected by the recall is 199,575, the NHTSA said. Tesla's reference number for the recall is SB-24-00-002 and customers with questions are advised to speak to the company's customer services.

Persons: Mario Tama, Tesla Organizations: National, Traffic Safety Administration, NHTSA Locations: BURBANK , CALIFORNIA, Burbank , California, U.S

☆ Cruise Says Hostility Toward Regulators Led to Grounding of Its Autonomous Cars
▼ + stars: | 2024-01-25 | by ( Tripp Mickle | Cade Metz | ) www.nytimes.com time to read: +1 min

Cruise, the driverless car subsidiary of General Motors, said in a report on Thursday that an adversarial approach taken by its top executives toward regulators had led to a cascade of events that ended with a nationwide suspension of Cruise’s fleet. The roughly 100-page report was compiled by a law firm that Cruise hired to investigate whether its executives had misled California regulators about an October crash in San Francisco in which a Cruise vehicle dragged a woman 20 feet. The investigation found that while the executives had not intentionally misled state officials, they had failed to explain key details about the incident. The report is central to Cruise’s efforts to regain the public’s trust and eventually restart its business. Cruise has been largely shut down since October, when the California Department of Motor Vehicles suspended its license to operate because its vehicles were unsafe.

Persons: Cruise, Quinn Emanuel Urquhart, Kyle Vogt Organizations: General Motors, California Department of Motor Vehicles Locations: California, San Francisco, Sullivan

SAN FRANCISCO (AP) — General Motors is facing a U.S. Justice Department investigation into a gruesome collision that critically injured a pedestrian and derailed its self-driving car ambitions. GM didn't release any details about the nature of the Justice Department's investigation, or of another one by the U.S. Securities and Exchange Commission. The revelations about the latest troubles facing Detroit-based GM and San Francisco-based Cruise came in a report reviewing how things were handled after the pedestrian was hurt. “Cruise must take decisive steps to address these issues in order to restore trust and credibility,” according to the report's summary findings. Cruise had cleared a significant hurdle last August when California regulators approved its request to begin operating its robotaxi service throughout San Francisco at all hours — over the strenuous objections of city officials — only to have it all unravel in early October.

Persons: Cruise, Quinn Emanuel Urquhart, Sullivan, Cruise's, Panini, hadn't, “ Organizations: FRANCISCO, —, Motors, . Justice Department, Department, GM's, U.S . Securities, Exchange Commission, GM, Cruise Locations: San Francisco, Detroit, California

☆ Hands-On Art at the Brooklyn Museum’s New Education Center
▼ + stars: | 2024-01-25 | by ( Laurel Graeber | ) www.nytimes.com time to read: +1 min

Yet as extraterrestrial as this environment sounds, you can soon encounter it in Brooklyn. On Saturday, from noon to 3 p.m., “Artland” will welcome the public to a free celebration of the newly renovated Toby Devan Lewis Education Center at the Brooklyn Museum, where visitors can sculpt imaginary flora and fauna to add to the show’s phantasmagoric jungles. In some ways, the installation symbolizes the new center, which aims to help visitors find their own pathways into art. “It’s all about world building, right?” Shamilia McBean Tocruray, the museum’s co-director of education, said in an interview. “All about creating possibilities, and really akin to the invitation that we’re making to our community to say: ‘Come in here.

Persons: “, Ho Suh, Artland, Toby Devan Lewis, Tocruray, ’ Organizations: Toby Devan Lewis Education Center, Brooklyn Museum Locations: Brooklyn

☆ GM’s self-driving car division is under investigation by DOJ and SEC after pedestrian dragging incident
▼ + stars: | 2024-01-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

In meetings with regulators after the October 2 incident, Cruise officials attempted to show a full video of the impact, shot from the car. Cruise commissioned the law firm of Quinn Emanuel Urquhart & Sullivan to investigate the incident and Cruise’s response to it. Immediately after the incident, Cruise employees were not, themselves, aware that the woman had been dragged, according to the report. Actually, the pedestrian was struck by a human-driven Nissan car first and that impact propelled her into the path of the Cruise car. The report attributed its failures in communication to a “myopic focus” in clearing Cruise of fault in the initial impact.

Persons: CNN — Cruise, Cruise, Quinn Emanuel Urquhart, Sullivan, ” Cruise, Mary Barra, veihicle, “ Organizations: CNN, Motors, Department of Justice, Securities and Exchange Commission, Cruise, GM, Nissan Locations: ”, California, United States

☆ Apple is pivoting to a less ambitious design for its autonomous EV amid launch delays, report says
▼ + stars: | 2024-01-24 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Apple is pivoting to a less ambitious design for its autonomous EV, Bloomberg reported. The tech giant is pivoting to a less complex design and delaying the launch date for its planned autonomous vehicle, Bloomberg reported, citing people familiar with the situation. Following board meetings, the company has limited the car's autonomous features and downgraded the EV to Level 2+ autonomy, Bloomberg reported. AdvertisementApple's EV release date has also been pushed back, with the company expecting a 2028 launch at the very earliest, the Bloomberg report said. Its most formidable competitors will likely be Tesla and China's BYD, both of which dominate the global EV market.

Persons: —, Apple, Forbes, BYD Organizations: Apple, EV, Bloomberg, Service, Mercedes, Benz, Business, Reuters

☆ People think self-driving cars should be 'better' than human drivers, executive says
▼ + stars: | 2024-01-19 | by ( Tom Carter | ) www.businessinsider.com time to read: +4 min

AdvertisementMany people think self-driving cars should be better than human drivers, an industry executive said. "There's a difference between an accident caused by a human driver, and an accident caused by an autonomous system," said Majors. Advertisement"I think that the expectation is that they have to be a lot better than a human driver, because when there is an accident and the computer's involved, there's less empathy or understanding." Majors said that Motional, a Hyundai-Aptiv joint venture developing autonomous technology, had operated more than 2 million miles autonomously with no at-fault crashes. Cruise, which was trialing "robotaxi" services that ferried passengers around San Francisco without a human driver, was forced to recall its entire fleet late last year.

Persons: Laura Majors, Motional, Cruise, —, Majors, Tesla, Elon Musk's, Robert Falck, " Falck Organizations: Hyundai, Tesla, Service, Economic, GM, Einride, Business Locations: San Francisco, Davos, Cruise, California

☆ This startup has a different take on driverless cars. Now it's launching in the U.S.
▼ + stars: | 2024-01-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Vay operates what's called a "teledriving" service, where a car is driven remotely by a human rather than by a computer. German startup Vay on Wednesday launched its so-called "teledriving" solution in the U.S. for the first time, putting the company into direct competition with more richly funded and valuable American firms in the mobility technology space. Vay's service will enable people to get cars delivered to them directly by drivers in remote spaces operated by Vay. When they're done with the trip, they can choose in Vay's app to let one of the company's teledrivers take over, and then park the car. The company has already conducted tests on public roads in Europe and the U.S. with remote drivers and no one behind the wheel.

Persons: Vay, they're, Vay's teledriver, Thomas von der Ohe Organizations: Wednesday, Vay, CNBC Locations: U.S, Nevada, Las Vegas, Europe

☆ China issues safety guidelines for autonomous public transport vehicles
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] Baidu's Apollo car with an autonomous driving system, which serves for self-driving taxi services, is seen at the Shougang Industry Park in Beijing, China July 30, 2021. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Dec 5 (Reuters) - China on Tuesday issued safety guidelines for the use of autonomous vehicles in public transport, the latest in a series of measures preparing for the increased use of driverless cars. The guidelines apply to autonomous vehicles for passengers including taxis as well as for freight transportation, the Ministry of Transport said in a statement. They also require companies using autonomous vehicles for public transport to be qualified and licensed and state that companies can work together with automakers on such operations. In October, it issued guidelines for highway engineering facilities to support autonomous driving technology.

Persons: Tingshu Wang, Albee Zhang, Zoey Zhang, Brenda Goh, Christopher Cushing Organizations: REUTERS, Rights, Ministry of Transport, Thomson Locations: Beijing, China, Rights BEIJING

☆ GM’s Cruise Ordered by California Regulator to Testify About October Incident
▼ + stars: | 2023-12-04 | by ( Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

A California regulator said Cruise omitted critical information about the safety of its vehicles regarding an October incident involving a pedestrian. Photo: John G. Mabanglo/Zuma PressGeneral Motors ’ Cruise has been ordered to testify before the California Public Utilities Commission over allegedly misleading comments it gave to regulators about an incident in October in which a pedestrian was hit. The CPUC said the self-driving car firm omitted critical information about the safety of its vehicles regarding the incident. A woman was hit by a human-driven car and thrown into the path of a driverless Cruise vehicle, which collided with the pedestrian and dragged the person about 20 feet. Cruise could face a fine of up to $1.5 million, the latest blow to the company’s operations in recent months after the company lost its driverless permits in California and CEO Kyle Vogt resigned.

Persons: John G, Mabanglo, Motors ’, CPUC, Kyle Vogt Organizations: Zuma Press, Motors, California Public Utilities Commission Locations: California

The potential penalty facing GM's Cruise service could be around $1.5 million, based on documents filed late last week by the California Public Utilities Commission. Three weeks after Cruise's Oct. 2 accident, the California Department of Motor Vehicles effectively shut down robotaxi service by suspending its license to operate in the state. “Cruise is committed to rebuilding trust with our regulators and will respond in a timely manner" to the Public Utilities Commission, the company said in a Monday statement. The San Francisco-based company has already hired an outside law firm to scrutinize its response to the Oct. 2 accident. The cover-up spanned 15 days, according to the PUC, exposing Cruise and GM to potential fines of $100,000 per day, or $1.5 million.

Persons: specter, Cruise, Kyle Vogt, “ Cruise, Panini, Cruise didn't Organizations: General Motors, California Public Utilities Commission, Public Utilities Commission, California Department of Motor Vehicles, Cruise, GM, PUC Locations: California, San Francisco

The San Francisco skyline is seen behind a self-driving GM Bolt EV during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. The California Public Utilities Commission (CPUC) on Friday ordered Cruise to appear at a Feb. 6 hearing for "misleading the Commission through omission regarding the extent and seriousness of the accident" and "making misleading public comments regarding its interactions with the commission." Cruise's troubles are also a setback for an industry dependent on public trust and the cooperation of regulators. GM had told investors Cruise and its technology could generate $50 billion a year in revenue by 2030. Reporting by Hyunjoo Jin in San Francisco and David Shepardson in Washington, Additional reporting by Abhirup Roy in San Francisco; Editing by Richard Chang and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Elijah Nouvelage, Cruise, Kyle Vogt, Daniel Kan, Jose Alvarado, Ashlyn Kong, Kong, ”, Tim Piechowski, Waymo, John Reynolds, Gavin Newsom, Mary Barra, Hyunjoo Jin, David Shepardson, Abhirup Roy, Richard Chang, Nick Zieminski Organizations: San, GM Bolt, REUTERS, General Motors, GM, California Public Utilities Commission, CPUC, Cruise, Capital Research, California's Department of Motor Vehicles, Thomson Locations: San Francisco, San Francisco , California, U.S, California, United States, Washington

Barra said at a media event an ongoing outside external safety review will guide the company's path forward and is expected to be completed in early 2024. "We'll work through the challenges we have right now at Cruise," Barra said. She declined to offer an opinion on whether she thought regulators have treated Cruise more harshly than Tesla Autopilot. She also declined to say how much money GM is willing to spend on Cruise going forward until it completes its assessments and has a plan to move ahead. Reporting by Joseph White and David Shepardson; Editing by Leslie Adler and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Mary Barra, Barra, Cruise, Joseph White, David Shepardson, Leslie Adler, Stephen Coates Organizations: General Motors, DETROIT, Detroit, California Public Utilities Commission, Thomson Locations: Cruise, United States, California

☆ GM Plans $10 Billion Stock Buyback in Bid to Assuage Investors
▼ + stars: | 2023-11-29 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

General Motors was the last of the Detroit automakers to reach a new tentative labor deal with the United Auto Workers. Photo: Rebecca Cook/ReutersGeneral Motors plans to sharply increase cash return to shareholders, as Chief Executive Mary Barra seeks to reassure investors about the health of GM’s core car-making business after setbacks in fledgling pursuits such as electric and driverless vehicles. The company also said Wednesday it will work to offset higher labor expenses from its new contract with the United Auto Workers and unionized employees in Canada. The contracts will add a total of $9.3 billion in costs over about four years, including $1.5 billion next year, higher than analysts had estimated.

Persons: Motors, Rebecca Cook, Mary Barra Organizations: Detroit automakers, United Auto Workers, Reuters General Motors Locations: Canada

☆ GM Plans $10 Billion Share Repurchase in Bid to Assuage Investors
▼ + stars: | 2023-11-29 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

GM will fund its stock buyback in part by freeing up capital previously earmarked for development of EVs and autonomous vehicles. Photo: john g mabanglo/EPA/ShutterstockGeneral Motors plans to sharply increase cash return to shareholders, as Chief Executive Mary Barra seeks to reassure investors about the health of GM’s core car-making business after setbacks in fledgling pursuits like electric and driverless vehicles. GM on Wednesday outlined plans for an accelerated $10 billion share repurchase for next year, its largest stock buyback in recent memory. The company will fund it in part by freeing up capital previously earmarked for development of EVs and autonomous vehicles, which have been the main pillars of Barra’s growth strategy.

Persons: Mary Barra Organizations: Shutterstock, Motors, GM

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