GM’s decision to shut down its Cruise robotaxi program has impacted minority investors like Microsoft, which will record an $800 million impairment charge due to the move. The charge, not included in Microsoft’s prior earnings guidance, is expected to reduce its second-quarter diluted earnings per share by about $0.09. GM, which owns 90% of Cruise, is increasing its stake to over 97% by buying out other shareholders, including external investors such as Walmart, Softbank, and Honda. Cruise, once valued at $30 billion, raised $2 billion in 2021 with backing from Microsoft and Honda, which supported its use of Microsoft Azure for autonomous services. GM, having spent over $10 billion on Cruise since acquiring it in 2016, plans to merge Cruise’s operations with its own efforts to develop advanced driver assistance and autonomous vehicle technologies. Continue here.
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