General Motors Co. CFO Paul Jacobson said on Tuesday the company will spend about $2 billion on its self-driving taxi fleet Cruise this year.
What Happened
The legacy automaker said it is just a permit away from being able to begin charging for rides.
“Inclusive of the incremental stock compensation expenses, we expect full-year 2022 expenses at Cruise to be approximately $2 billion,” Jacobson told analysts on a post-earnings call.
CEO Mary Barra said the automaker aims to have an installed capacity to build one million EVs in North America by 2025, which will help draw about $50 billion in annual revenue.
Cruise competes with Alphabet Inc.’s self-driving unit Waymo. Tesla Inc. CEO earlier this month said its dedicated Robotaxi will achieve volume production in 2024.
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