- 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.
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