GM exits self-driving taxi business; shares rise 3% after hours

General Motors recently announced that it will exit the self-driving taxi business and focus on assisted driving systems for personal vehicles. This decision was made due to fierce market competition and the difficulty of scaling up the business. The company acquired a controlling stake in Cruise, a self-driving taxi company, for $581 million, but Cruise's hit-and-run incident in San Francisco in recent years has caused its operating license in California to be suspended, and the business has lost more than $10 billion. General Motors plans to merge Cruise's technical team with its own team to reduce the company's annual expenses. After the news was released, GM's stock price rose by about 3% in after-hours trading on the 10th.