Morgan Stanley analyst Adam Jonas keeps an Equal Weight rating and $54 price target on General Motors (GM) after the company’s decision to stop funding Cruise robotaxi as discussions with potential strategic partners “did not prove to be the best option for the business”. The firm contends that most investors had not given GM credit for any positive value of Cruise and would be “largely encouraged” that the company is taking clear steps to mitigate ongoing losses at a time when better capitalized players – like Waymo and Tesla (TSLA) – continue to push the L4 autonomous ridesharing/robotaxi market into the next era.
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Read More on GM:
- General Motors Focuses on Personal Autonomous Vehicles
- GM to refocus autonomous driving development on personal vehicles
- GM says will no longer fund Cruise’s robotaxi development work
- General Motors to raise ownership of Cruise to more than 97%
- Amazon launches online car dealership with Hyundai
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