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(TNS) — General Motors Co.'s move Tuesday to halt funding for its Cruise LLC robotaxi program makes way for Silicon Valley rivals to take a firmer hold of the potentially multi-billion-dollar business. But experts say bowing out is the right choice for the embattled Cruise. The decision to instead focus on providing autonomous technology in personal vehicles followed a year of GM trying to refocus and relaunch Cruise after an October 2023 pedestrian crash opened up the operation to scrutiny from public officials and consumers. After investing $10 billion on Cruise since 2017 and projecting the business could collect revenue of $50 billion annually by the decade's end, executives recognized that spending the resources needed to scale the business would have been difficult in the increasingly competitive market, especially after the accident. "This is the right decision to rip the band-aid off on Cruise as this initiative was stuck in neutral and rolling backward," said Daniel Ives, an analyst at investment firm Wedbush Securities Inc., in a statement. "It's a tough moment for GM, but they needed to cut the cord on Cruise and strategically focus on its core business." The Cruise decision is the latest in a series of moves that demonstrate GM's focus on lowering its costs and generating better returns on its invested capital. Tuesday's Cruise news came after GM said last week that it's selling its stake in the to partner LG Energy Solution and restructuring its . In mid-November, . "In this dynamic environment, agility and capital efficiency are key success factors," GM CFO Paul Jacobson told analysts and investors following the Cruise announcement. "Our focus is on implementing this technology in a pragmatic and capital-efficient manner." GM's stock price jumped after the Cruise news, trading roughly 2% higher after-hours. With the robotaxi operation in the rearview mirror, GM said it's proritizing the development of its Super Cruise advanced driver assistance system with the goal of having fully autonomous personal vehicles. The Super Cruise "hands-off, eyes-on driving feature" is offered on more than 20 GM models currently. Super Cruise is free for the first three years and then customers can sign up for a plan at $25 per month, according to OnStar's website. "We know people everywhere love to drive their own vehicles, but not in every situation, so it makes sense to develop autonomous technology for them," GM CEO Mary Barra said on the Cruise call. GM's plan is to combine the Cruise and GM technical teams into one to continue working on AV technology. To integrate Cruise into GM, which owns about 90% of the Cruise business, the automaker said it has agreements with other shareholders to raise its ownership stake to more than 97% and will pursue acquiring the rest of the remaining shares. With the repurchase of the shares and Cruise's board approval, GM will work with Cruise leaders to restructure Cruise. GM expects the restructuring will lower its spending by more than $1 billion annually after the proposed plan is completed, which is expected in the first half of 2025. In the year since the October 2023 crash in which one of the Cruise robotaxis dragged and seriously injured a pedestrian in San Francisco, Cruise has relaunched service with safety drivers in Houston, Phoenix and Dallas, and updated its safety standards. the robotaxi unit hired Steve Kenner as its chief safety officer, a role the company established after the pedestrian crash. , GM executives announced the company would pause production of the Cruise Origin robotaxi at the Factory Zero Detroit-Hamtramck Assembly Center, which led to a $600 million charge. Cruise would instead focus on using Chevrolet Bolt EV AVs. "Had the accident in San Francisco never happened, I don't think we'd be hearing this announcement today," said David Whiston, an analyst at financial services firm Morningstar Inc. "That accident forced them to put everything on pause." The incident led regulators to scrutinize Cruise's safety standards, leading the company to suspend its services. , left the company in November 2023. In response to GM's robotaxi decision, Vogt on Tuesday posted on X: "In case it was unclear before, it is clear now: GM are a bunch of dummies." But since the accident, Cruise had been trying to make progress on reentering the robotaxi business. In August, Cruise and Uber Technologies LLC announced a multiyear deal for customers to book autonomous Cruise robotaxis through the Uber platform . When asked about the Uber deal on Tuesday, Barra said: "Those are issues that have to be worked out from a Cruise perspective." And the self-driving services that Cruise has launched over the last year have been paused, according to a person familiar with the matter. Tuesday's announcement officially ends Cruise’s battle with Waymo — a subsidiary of Google’s parent company, Alphabet — for supremacy atop the nascent robotaxi industry. For a time, Waymo and Cruise were close competitors. Waymo was valued at about $30 billion during a fundraising round in 2020, and Cruise reached a similar valuation the following year, . But problems at Cruise over the next several years tested GM's commitment to a venture far outside its core business, culminating in the decision to abandon robotaxi plans altogether. Even with GM’s exit, there is still significant competition on the horizon for Waymo as tech companies see long-term promise for driverless ride-hailing. Zoox, an Amazon.com Inc. subsidiary, has robotaxis operating in San Francisco and Las Vegas. Tesla Inc. CEO Elon Musk has also said that the EV giant plans to join the robotaxi business, unveiling its Cybercab in October. But GM isn't the first to recognize the difficulties of the robotaxi business. Crosstown rival Ford Motor Co. and Volkswagen AG in made the decision to absorb their AV partner, Argo AI. "Mary and her team are in a tough spot because if they stay with it, then you've got $2 billion-plus in annual losses year after year. And then they have to keep fielding questions of, 'When are you scaling? What's the cadence of this? Why are you going to turn a profit?'" Whiston said. "It's probably not an unsafe move, provided robotaxis don't destroy the need to have personal vehicle ownership. But I think, as a society, we're quite a ways off from that happening." ©galaxy casino slot poker 。

New York developer Luzy Ostreicher on Tuesday starred in a public groundbreaking for one of the city’s largest private investments in years — a $500 million hillside real estate project overlooking Lake Superior. A day earlier, a separate Ostreicher real estate venture in Duluth, Endi Plaza LLC, quietly filed for bankruptcy after its lender said it falsified financial statements and defaulted on a nearly $52 million loan. The Ostreicher arm in 2021 bought the Endi apartment complex on Duluth’s east side near the lakefront. In November, Fannie Mae sued Endi Plaza LLC and asked a state court to appoint a receiver to essentially run the company. Endi Plaza on Tuesday filed for Chapter 11 bankruptcy protection, which allows a company to reorganize its finances while shielded from ongoing litigation and the claims of its creditors. Ostreicher is the force behind Incline Village, a planned collection of buildings that would house 1,180 apartments, 120 condominiums and retail space. It’s expected to cost $450 million to $500 million and would sit on the 53-acre site of the former Duluth Central High School. Ostreicher was in Duluth on Tuesday, celebrating the commencement of Incline Village’s construction with Duluth Mayor Roger Reinert and other city dignitaries. Reinert did not return a call requesting comment, nor did Roz Randorf, the City Council president. Incline Village’s first phase will receive $75 million in redevelopment tax increment financing (TIF) from the city, intended to pay Ostreicher back for infrastructure such as utility connections. Subsequent TIF districts, one needed for each phase, still need to be approved. Apart from Incline Village, Osteicher’s investments in Duluth total $85 million, anchored by the Endi and Kenwood Village apartment and retail complexes. The Endi, located at 2120 London Road, has 142 apartments and 13,876 square feet of retail. Ostreicher’s Endi Plaza LLC in 2023 took out a $51.8 million mortgage on the property. The lender, Greystone Servicing, assigned the Endi Plaza loan to Fannie Mae, a government-sponsored mortgage company. Fannie Mae declared Endi Plaza in default in early September after four months of missed payments. Endi also defaulted because “various financial reports” it supplied to Fannie Mae showed “significant inconsistencies and inaccuracies,” the mortgage agency said in filing in St. Louis County District Court. “At least one of the financial reports contains false information that is the result of fraud, gross negligence, willful misconduct, or material misrepresentation or omission.” Endi Plaza is “siphoning rents” from the property “for the benefit others, and to the detriment” of Fannie Mae, the court filing continued. Endi Plaza also allegedly granted an encumbrance on the property to a New York attorney, an attempt to keep it “out of reach” of Fannie Mae. An attorney in Duluth representing Endi Plaza declined to comment. Endi Plaza LLC filed Chapter 11 filing in U.S. Bankruptcy Court for the Southern District of New York to seek “relief” from the Fannie Mae suit. Chapter 11 bankruptcy freezes Fannie Mae’s attempt to appoint a receiver over the company. Endi Plaza LLC, based in Monsey, N.Y., said in a bankruptcy filing that its Duluth property was dealing with “substantial increases in operating expenses and certain commercial vacancies” this spring. Also, a preferred stock investor from Toronto put an unauthorized “restrictive covenant” on the property. Endi Plaza has $50 million to $100 million in both assets and liabilities, according to its bankruptcy filing, though it hasn’t yet disclosed its list of creditors. The company noted it will have to restructure debts with various unsecured lenders, including Lift Bridge Partners, which is owed $8.6 million. This story includes reporting from staff writer Jana Hollingsworth.Caps look to keep record road win streak going vs. Blue Jackets

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Automotive Engineering Services Market: Expected USD 311.53B by 2031 12-04-2024 09:03 PM CET | Tourism, Cars, Traffic Press release from: SkyQuest Technology Automotive Engineering Services Market Scope: Key Insights : Automotive Engineering Services Market size was valued at USD 152 billion in 2022 and is poised to grow from USD 164.62 billion in 2023 to USD 311.53 billion by 2031, growing at a CAGR of 8.30% during the forecast period (2024-2031). Discover Your Competitive Edge with a Free Sample Report : https://www.skyquestt.com/sample-request/automotive-engineering-services-market Access the full 2024 Market report for a comprehensive understanding @ https://www.skyquestt.com/report/automotive-engineering-services-market In-Depth Exploration of the global Automotive Engineering Services Market: This report offers a thorough exploration of the global Automotive Engineering Services market, presenting a wealth of data that has been meticulously researched and analyzed. It identifies and examines the crucial market drivers, including pricing strategies, competitive landscapes, market dynamics, and regional growth trends. By outlining how these factors impact overall market performance, the report provides invaluable insights for stakeholders looking to navigate this complex terrain. Additionally, it features comprehensive profiles of leading market players, detailing essential metrics such as production capabilities, revenue streams, market value, volume, market share, and anticipated growth rates. This report serves as a vital resource for businesses seeking to make informed decisions in a rapidly evolving market. Trends and Insights Leading to Growth Opportunities The best insights for investment decisions stem from understanding major market trends, which simplify the decision-making process for potential investors. The research strives to discover multiple growth opportunities that readers can evaluate and potentially capitalize on, armed with all relevant data. Through a comprehensive assessment of important growth factors, including pricing, production, profit margins, and the value chain, market growth can be more accurately forecast for the upcoming years. Top Firms Evaluated in the Global Automotive Engineering Services Market Research Report: Capgemini (France) AKKA Technologies (France) Tech Mahindra (India) IAV Automotive Engineering (Germany) HCL Technologies (India) Ricardo (UK) AVL (Austria) Bertrandt AG (Germany) Alten Group (France) L&T Technology Services (India) FEV (Germany) Key Aspects of the Report: Market Summary: The report includes an overview of products/services, emphasizing the global Automotive Engineering Services market's overall size. It provides a summary of the segmentation analysis, focusing on product/service types, applications, and regional categories, along with revenue and sales forecasts. Competitive Analysis: This segment presents information on market trends and conditions, analyzing various manufacturers. It includes data regarding average prices, as well as revenue and sales distributions for individual players in the market. Business Profiles: This chapter provides a thorough examination of the financial and strategic data for leading players in the global Automotive Engineering Services market, covering product/service descriptions, portfolios, geographic reach, and revenue divisions. Sales Analysis by Region: This section provides data on market performance, detailing revenue, sales, and market share across regions. It also includes projections for sales growth rates and pricing strategies for each regional market, such as: North America: United States, Canada, and Mexico Europe: Germany, France, UK, Russia, and Italy Asia-Pacific: China, Japan, Korea, India, and Southeast Asia South America: Brazil, Argentina, Colombia, etc. Middle East and Africa: Saudi Arabia, UAE, Egypt, Nigeria, and South Africa This in-depth research study has the capability to tackle a range of significant questions that are pivotal for understanding the market dynamics, and it specifically aims to answer the following key inquiries: How big could the global Automotive Engineering Services market become by the end of the forecast period? Let's explore the exciting possibilities! Will the current market leader in the global Automotive Engineering Services segment continue to hold its ground, or is change on the horizon? Which regions are poised to experience the most explosive growth in the Automotive Engineering Services market? Discover where the future opportunities lie! Is there a particular player that stands out as the dominant force in the global Automotive Engineering Services market? Let's find out who's leading the charge! What are the key factors driving growth and the challenges holding back the global Automotive Engineering Services market? Join us as we uncover the forces at play! To establish the important thing traits, Ask Our Experts @ https://www.skyquestt.com/speak-with-analyst/automotive-engineering-services-market Table of Contents Chapter 1 Industry Overview 1.1 Definition 1.2 Assumptions 1.3 Research Scope 1.4 Market Analysis by Regions 1.5 Market Size Analysis from 2023 to 2030 11.6 COVID-19 Outbreak: Medical Computer Cart Industry Impact Chapter 2 Competition by Types, Applications, and Top Regions and Countries 2.1 Market (Volume and Value) by Type 2.3 Market (Volume and Value) by Regions Chapter 3 Production Market Analysis 3.1 Worldwide Production Market Analysis 3.2 Regional Production Market Analysis Chapter 4 Medical Computer Cart Sales, Consumption, Export, Import by Regions (2023-2023) Chapter 5 North America Market Analysis Chapter 6 East Asia Market Analysis Chapter 7 Europe Market Analysis Chapter 8 South Asia Market Analysis Chapter 9 Southeast Asia Market Analysis Chapter 10 Middle East Market Analysis Chapter 11 Africa Market Analysis Chapter 12 Oceania Market Analysis Chapter 13 Latin America Market Analysis Chapter 14 Company Profiles and Key Figures in Medical Computer Cart Business Chapter 15 Market Forecast (2023-2030) Chapter 16 Conclusions Address: 1 Apache Way, Westford, Massachusetts 01886 Phone: USA (+1) 351-333-4748 Email: sales@skyquestt.com About Us: SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally. This release was published on openPR.Benchmark indices on Wall Street scaled new peaks on Wednesday after comments from Fed Chair Jerome Powell ahead of the policy announcement on December 18. Share Market View All Nifty Gainers View All Company Value Change %Change The Dow Jones closed above the mark of 45,000 for the first time, the S&P 500 added 0.6% to close near 6,100, while the Nasdaq Composite outperformed, gaining 1.3%. The tech-heavy index is now 1.3% away from the 20,000 mark. All seven big-tech stocks ended higher, sending a Magnificent Seven-linked ETF to gains of 62% so far for the year. The Technology Select Sector SPDR Fund also ended at an all-time high, a first since July. Stocks surged after Fed Chair Jerome Powell said that the US economy is in "remarkably good shape." Powell also said officials can afford to be cautious as they lower rates toward a neutral level — one that neither stimulates nor holds back the economy. He spoke at the New York Times DealBook Summit in New York. “We view this as slightly hawkish — but stopping well short of challenging the market’s growing confidence that a December cut is the base case, which has been our view all along,” said Krishna Guha at Evercore. One of Powell’s favorite barometers of the economy — the Beige Book — showed economic activity increased slightly in November, and businesses grew more upbeat about demand prospects. Treasury 10-year yields declined four basis points to 4.18%. French bond futures held onto earlier gains after far-right leader Marine Le Pen joined a left-wing coalition to topple the government, setting the stage for further political wrangling that has weighed on the nation’s assets for months. “The current market environment is clearly ‘risk-on’,” said Steve Sosnick at Interactive Brokers. “Yet the evidence shows that someone has been buying insurance against a 10% correction in the S&P 500, even though — or perhaps because — we haven’t seen one in months.” “We remain tactically bullish into year-end given the positive macro environment, earnings growth, and a Fed that remains supportive of markets,” wrote JPMorgan Chase & Co.’s Market Intelligence Team led by Andrew Tyler. “It is sensible to play the market’s momentum and see low pullback potential until mid-January,” they said. A Bank of America Corp. indicator that tracks sell-side strategists’ average recommendations remains at its highest level since early 2022, in neutral territory, but much closer to a contrarian “sell” signal than a “buy.” In commodities, West Texas Intermediate fell 2% Wednesday as tepid US economic data undercut OPEC+’s progress on a deal to keep output constrained. Gold was little changed early Thursday after two daily advances. (With Inputs From Agencies.)

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