General Motors’s “Cruise” has indefinitely suspended production of its self-driving robotaxi (its self-driving vehicle without steering wheel).

Here are the details:

• Development Shift: General Motors' Cruise unit is focusing on a next-generation Chevrolet Bolt for its self-driving technology, delaying the Origin vehicle without a steering wheel indefinitely.

• Regulatory Petition: In 2022, GM requested permission from the National Highway Traffic Safety Administration to deploy 2,500 self-driving Origin vehicles annually, which has not been approved.

• Regulatory Compliance: The decision to use the Bolt EV for the Cruise robotaxi avoids the need for regulatory permission.

• Future Opportunities: GM CEO Mary Barra mentioned that the Origin vehicle could still be pursued in the future.

• Production Halt: Production of the fully autonomous Cruise Origin was halted in November, causing a $583 million charge.

• Regulatory Risk: Switching to the Bolt EV reduces regulatory risk.

• Investigations and Criticism: Cruise is under investigation by NHTSA, the Justice Department, and SEC after a robotaxi accident, leading to heavy criticism and the revocation of its California permit.

• Leadership Changes: Kyle Vogt, Cruise co-founder, criticized GM for shutting down advanced projects. GM recently hired a new CEO for Cruise.

• Financial Outlook: GM aims for Cruise to generate $50 billion in annual revenue by 2030, despite Cruise's $8 billion losses since 2017. Spending at Cruise was reduced by $1 billion in January.