The Last Time Gold Flashed This Warning Sign, the Market Dropped 80%

Both President Trump and Elon Musk are warning about something that could send the market down 50%, real estate down 40% and savings accounts down 30%.

GM's Autonomous Driving Unit Cruise Recalls All U.S. Vehicles Over Concerns Of Unexpected Braking: Auto Safety Regulator Closes Investigation

Anan Ashraf
August 22, 2024

General Motors’ (NYSE:GM) autonomous driving unit Cruise is recalling 1,194 vehicles— the entirety of its U.S. fleet— equipped with older versions of automated driving systems (ADS) that may cause the vehicle to brake unexpectedly.

What Happened: The driving systems are equipped with software versions released before May 14 and may cause the vehicle to brake abruptly when it is approached by a vehicle from behind, the National Highway Traffic Safety Administration (NHTSA) said.

Cruise has already updated the software in all of its vehicles which are on roads now and being driven by human drivers. All affected driverless vehicles will also be repaired before the company puts them back on the road, the regulator said.

Cruise told the regulator that it is aware of eight collisions that may be related to the issue between June 2021 and October 2023.

Why It Matters: The NHTSA has subsequently closed the investigation it commenced in December 2022 to assess reports of inappropriate hard braking. However, the regulator may take additional action if needed, it said.

Cruise suspended all of its operations in the U.S. late last year following the involvement of one of its robotaxis in an accident in San Francisco, leading to heightened regulatory scrutiny and the exit of its co-founder and then CEO Kyle Vogt.

The company resumed manual driving in the city of Phoenix to gather road information earlier this year in April and in Houston and Dallas, Texas in June.

For the first half of 2024, Cruise accrued an operating loss of $1,650 million, 28% higher than the loss of $1,289 million recorded in the corresponding period of last year. GM also spent $583 million on restructuring Cruise in the period.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

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  • Former Tesla Exec Says Harris, Not Trump, Will Be ‘Far Better’ For EV Giant’s Long-Term Success: ‘…Still Trust Kamala More Even On The Issues Where I’d Generally Prefer A Republican’

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