By Nora Eckert and David Shepardson DETROIT (Reuters) – 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. The largest U.S. automaker on Tuesday pulled the plug on Cruise after evaluating the continued investments needed in a competitive space, executives said, adding they intend to fold some of Cruise’s talent into GM to continue development of driver assistance systems. “We consider the news a step in the right direction for GM, as we think investors were losing patience with its hefty spending (~$10B) related to robotaxi development with very little to show for its investment,” Garrett Nelson, analyst at CFRA Research wrote. GM shares jumped 3% after-hours on Tuesday immediately after the announcement, but gave back those gains during Wednesday’s regular session and were down about 1% in late afternoon. Nelson said the announcement was “a black eye for the credibility of GM management that, as recently as last year, told investors the Cruise business could generate $50 billion in annual revenue by 2030.” For the year to date, GM has far outpaced its competitors. Its stock is up 45% for 2024, while Ford’s is down 14% and Stellantis is down 37%. GM CEO Mary Barra was already scheduled to speak with reporters Wednesday evening. She will likely face questions on cost-cutting moves the automaker is taking as it navigates turbulence in EV demand, changing technology and a new presidential administration. “This is the latest in the series of decisions that GM has announced which underscore our focus on having the right technology for the future of our company and the industry and reflects our commitment to execute with speed and efficiency,” Barra told analysts Tuesday. GM recently scaled back plans for electric vehicles, sold a stake in one of its joint venture battery plants and recorded a $5 billion loss on its China business as it restructures. GM is now doubling down on its core business: making gasoline-powered pickup trucks and other large vehicles. Cruise’s competitors – including Alphabet’s Waymo, Baidu and Tesla – are well funded, and may have better technology, analysts said. Waymo, which is expanding its autonomous ride-hailing services, is still losing billions of dollars per year. Barclays noted Alphabet, which has over $100 billion in earnings annually, can absorb costs associated with Waymo’s development. GM, however, is expected to record earnings of $14 billion to $15 billion for 2024. “It’s clear from Waymo that an AV robotaxi business is best owned by an entity with deep pockets,” Barclays said. (Reporting by Nora Eckert and David Shepardson; Editing by David Gregorio) Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content. var ytflag = 0;var myListener = function() {document.removeEventListener('mousemove', myListener, false);lazyloadmyframes();};document.addEventListener('mousemove', myListener, false);window.addEventListener('scroll', function() {if (ytflag == 0) {lazyloadmyframes();ytflag = 1;}});function lazyloadmyframes() {var ytv = document.getElementsByClassName("klazyiframe");for (var i = 0; i < ytv.length; i++) {ytv[i].src = ytv[i].getAttribute('data-src');}} Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );AP News Summary at 6:54 p.m. ESTAP News Summary at 5:51 p.m. EST
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Justin Tucker's erratic season isn't getting any better, and it's hurting Baltimore's outlookWASHINGTON (AP) — President-elect Donald Trump has named billionaire investment banker Warren Stephens as his envoy to Britain, a prestigious posting for the Republican donor whose contributions this year included $2 million to a Trump-backing super PAC. Trump, in a post on his Truth Social site Monday evening, announced he was selecting Stephens to be the U.S. ambassador to the Court of Saint James. The Senate is required to confirm the choice. “Warren has always dreamed of serving the United States full time. I am thrilled that he will now have that opportunity as the top Diplomat, representing the U.S.A. to one of America’s most cherished and beloved Allies,” Trump said in in his post. Stephens is the chairman, president and CEO of Little Rock, Arkansas-based financial services firm Stephens Inc., having taken over the firm from his father. Trump has already named many of his nominees for his Cabinet and high-profile diplomatic posts, assembling a roster of staunch loyalists. Over the weekend, Trump announced he intends to nominate real estate developer Charles Kushner , father of Trump’s son-in-law Jared Kushner, to serve as ambassador to France. During his first term, Trump selected Robert “Woody” Johnson, a contributor to his campaign and the owner of the New York Jets football team, as his representative to the United Kingdom. The Associated Press
The Stock Exchange of Thailand (SET) should remain volatile during the first half of 2025, weighed down by renewed US-China trade tensions and a slowing global economy, particularly the two economic superpowers, says Bualuang Securities (BLS). Chaiyaporn Nompitakcharoen, managing director of the research department, said BLS projects a SET index average of 1,485 points in 2025. If there are positive factors, such as interest rate cuts or increased foreign capital inflows, the index could climb to 1,585 points. The Thai economy faces additional pressure from weakened exports, notably declining demand from China and the US, said the brokerage. However, the second half of the year may see an economic recovery driven by government stimulus measures and a rebound in tourism, he said. The research team recommends investors adjust their portfolios, prioritising stocks with strong fundamentals and consistent dividend payouts, such as the retail, healthcare and tourism sectors. Diversification into bonds and international markets is encouraged to mitigate the effects of market volatility, noted the brokerage. Mr Chaiyaporn said the Thai stock market's recovery in the second half of the year would also hinge on interest rate reductions by the US Federal Reserve and the Bank of Thailand, as well as domestic economic stimulus measures. "Initiatives like the launch of an entertainment complex project to attract foreign tourists would provide a broader boost to the economy," he added. Meanwhile, headwinds for the Thai stock market include the nation's ageing population, less domestic spending and declining profitability of listed companies, while household and government debts are at the ceiling. Thai businesses are failing to adequately capitalise on new technologies to drive the economy and stock market. As much as 36% of the SET is weighted by highly cyclical stocks, such as companies in personal loans, hire-purchase, commodities, refineries, oil, petrochemicals, construction, construction materials, real estate development, agriculture and shipping. "We recommend investors diversify their portfolio to assets in the global market as they have higher growth potential and less volatility," he said. Investors seeking steady returns in a volatile market should consider financial tools such as structured notes, which offer potential returns of 6-10% annually. The brokerage recommends investing in equities for around 65-70% of the total portfolio, mainly those in the US, Vietnam and India, while Thai stocks should account for 10-15%, as overseas markets now offer better chances of a good return. BLS emphasises the importance of being prepared for volatility and closely monitoring market conditions in early 2025, a period fraught with uncertainties, said Mr Chaiyaporn.World News | Insurgents Reach Gates of Syria's Capital, Threatening to Upend Decades of Assad Rule49ers look to maintain "urgency" when they host Rams in Thursday night matchupSignet Stock Tumbles. Is It a Buying Opportunity or a Warning Sign?
Despite The Alarming Figures, A Positive Outlook On The State Of Food And Nutrition In The Arab RegionChungbuk National University da Coreia do Sul pronta para instalar o primeiro computador quântico IQM Spark