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HomeCruiseUber Stock Slides Again. Investors' Robotaxi Fears Grow After GM Shuts Down...

Uber Stock Slides Again. Investors’ Robotaxi Fears Grow After GM Shuts Down Cruise.

Uber (UBER) stock took another hit Wednesday on investors’ robotaxi jitters. Shares of the ride-hailing giant fell after General Motors (GM) said it would wind down its Cruise self-driving-taxi efforts.
GM will focus instead on developing advanced driver-assistance systems for use in personal vehicles, the company said late Tuesday. The automotive giant cited growing competition in the robotaxi market. Cruise has faced several setbacks, while Alphabet (GOOGL)-owned Waymo is already providing more than 150,000 paid trips each week. Tesla (TSLA), meanwhile, is targeting next year to launch a ride-hailing service.
Gene Munster, managing partner at Deepwater Asset Management, wrote on X Tuesday that the Cruise announcement looked like good news for Tesla and Google and bad news for Uber and its top U.S. rival, Lyft (LYFT).

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