General Motors Led Cruise's Autonomous Vehicle Ride-Hailing Ambitions - What You Need To Know - General M

General Motors Co’s (NYSE:GM) autonomous vehicle unit, Cruise LLC is likely to publicly disclose ride-hailing business guidance to reach $50 billion in revenue as it ramps up over the next couple of years, Bloomberg reports.
Cruise could disclose its plans to charge for rides by 2022 with a modified version of the Chevrolet Bolt electric car stretching till 2023 on regulatory approval.
Cruise earned $55 million in revenue in the first half and ($561) million loss.
GM’s presentation will include updates on GM’s electric vehicle plans, SuperCruise driver-assistance feature, and Ultify software platform. GM will share strategies to start increasing revenue and profit with new vehicles and business lines like SuperCruise.
Cruise plans to expand beyond San Francisco with four- to six-passenger Origins pending National Highway Traffic and Safety Administration approval as it does not have a steering wheel or manual controls.
Cruise also announced a deal to offer rides in Dubai in 2023.
Price Action: GM shares closed higher by 1.60% at $53.98 on Monday.

To add Benzinga News as your preferred source on Google, click here.