General Motors said Tuesday that it will no longer fund robotaxi development work by Cruise citing “capital allocation priorities,” and “the considerable time and resources that would be needed to scale the business, along with an increasingly competitive robotaxi market.” The Detroit automaker plans to “realign its autonomous driving strategy” to focus on advanced driver assistance systems and autonomous systems for use in personal vehicles instead, and it will combine the majority-owned Cruise LLC and GM technical teams. Read more: cnb.cx/41pFqiP
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Welcome to CNBC's home on LinkedIn! Follow us for regular updates about financial news, top CNBC.com stories, behind-the-scenes moments and more. CNBC, Inc. provides business news in the United States and Canada. It provides real-time financial market coverage and business information. The company, through its Web site, cnbc.com, provides real-time market analysis; video programming daily; industry and topic-specific blogs; cnbc.com live stream, a long-form scheduled programming of events; charts; and investing tools. The company was founded in 1989 and is headquartered in Englewood Cliffs, New Jersey. CNBC, Inc. operates as a subsidiary of NBC Universal, Inc.
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Updates
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General Motors said Tuesday that it will no longer fund robotaxi development work by Cruise citing “capital allocation priorities,” and “the considerable time and resources that would be needed to scale the business, along with an increasingly competitive robotaxi market.” The Detroit automaker plans to “realign its autonomous driving strategy” to focus on advanced driver assistance systems and autonomous systems for use in personal vehicles instead, and it will combine the majority-owned Cruise LLC and GM technical teams. Read more: cnb.cx/41pFqiP
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General Motors said Tuesday that it will no longer fund robotaxi development work by Cruise citing “capital allocation priorities,” and “the considerable time and resources that would be needed to scale the business, along with an increasingly competitive robotaxi market.” The Detroit automaker plans to “realign its autonomous driving strategy” to focus on advanced driver assistance systems and autonomous systems for use in personal vehicles instead, and it will combine the majority-owned Cruise LLC and GM technical teams.
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U.S. consumers would likely see prices increase if President-elect Donald Trump follows through with a plan to levy import tariffs, experts said Tuesday during CNBC's Financial Advisor Summit. "Either way, there is a cost to consumers," said Erica York, senior economist at the Tax Foundation. A tariff is a tax placed on imported goods. Tariffs are paid by U.S. companies that import those goods. Here's a look at more stories on how to manage, grow and protect your money for the years ahead.
If Trump adds tariffs, ‘either way, there is a cost to consumers,’ economist says
cnbc.com
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The Federal Reserve is expected to cut interest rates by another quarter point at the conclusion of its two-day meeting next week. "Two years ago … three out of four economists were saying we're going into a recession," David Zervos, chief market strategist for Jefferies LLC, said during CNBC's Financial Advisor Summit on Tuesday. "They've really had it wrong." The economy is still growing and inflation has come down, he said. Here's a look at more stories on how to manage, grow and protect your money for the years ahead.
Economists have 'really had it wrong' about recession, market strategist says
cnbc.com
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A U.S. judge blocked the pending $25 billion merger of U.S. grocery chains Kroger and Albertsons on Tuesday, siding with the U.S. Federal Trade Commission in a win for the Biden administration. The FTC argued at a three-week trial in Portland, Oregon, that the merger would eliminate head-to-head competition between the top two traditional grocery chains, leading to higher prices for shoppers and reduced bargaining leverage for unionized workers. Kroger fought those claims, saying the deal would bring prices down, particularly at Albertsons stores, where it said prices are 10-12% higher than at Kroger stores. Read more: cnb.cx/49tdMUh
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A key economic report coming Wednesday is expected to show that progress has stalled in bringing down the inflation rate, though not so much that the Federal Reserve won't lower interest rates next week. The consumer price index, a broad measure of goods and services costs across the U.S. economy, is expected to show a 2.7% 12-month inflation rate for November, which would mark a 0.1 percentage point acceleration from the previous month, according to the Dow Jones consensus. Excluding food and energy, so-called core inflation is forecast at 3.3%, or unchanged from October. Both measures are projected to show 0.3% monthly increases.
The CPI report Wednesday is expected to show progress on inflation has hit a wall
cnbc.com
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A federal appeals court upheld a law last week requiring China-based ByteDance to sell TikTok by January 19 or face an effective ban in the United States. Here's what that means and where the situation could go from here. Read more: cnb.cx/4in81eG
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As the calendar turns to a New Year and a new presidential administration, many investors are wondering where they can earn above-average returns. The current outlook is positive, with continued interest rate cuts and incoming regulators in President-elect Donald Trump's administration who are expected to be more friendly to markets, business and technology, venture capitalist Bradley Tusk, co-founder and managing partner of Tusk Venture Partners, said Tuesday at CNBC's Financial Advisor Summit. Here's a look at more stories on how to manage, grow and protect your money for the years ahead.
'Friendlier climate toward new technology’ expected under Trump, venture capitalist says. What that means for AI, crypto
cnbc.com
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Luigi Mangione yelled at reporters outside a Pennsylvania courthouse before a hearing on his possible extradition to New York to face a murder charge in the killing of UnitedHealthcare CEO Brian Thompson. “It’s completely out of touch and is an insult to the American people and their lived experience!” Mangione shouted as he was led from a police car into the Blair County Court in Hollidaysburg. Read more: cnb.cx/3D9RkDD