From Nasdaq: 2024-11-18 10:02:00

General Motors Company’s autonomous vehicle division, Cruise, faces penalties for submitting a false report in connection to a safety incident last year. The DOJ fined the company $500,000 under a deferred prosecution agreement. Cruise failed to disclose details about an incident where a robotaxi hit a pedestrian. The company also faced fines from NHTSA and the California Public Utilities Commission.

Cruise must cooperate with government investigations, establish a safety compliance program, and submit progress reports under the DOJ agreement. The incident led to the loss of operating permits and budget cuts for Cruise. Despite challenges, Cruise is resuming autonomous driving in some cities and plans to bring robotaxis to Uber’s platform in 2025. GM, Cruise’s parent company, holds a Zacks Rank #2 (Buy).

In a special offer, Zacks is giving access to all picks for $1 for 30 days. Thousands have taken advantage of this opportunity. The offer aims to introduce members to Zacks’ portfolio services like Surprise Trader and Technology Innovators. Zacks also highlights top-ranked auto stocks like Dorman Products, Tesla, and BYD Company Limited, each with a Zacks Rank #1 (Strong Buy). Estimates show growth potential for these stocks in 2024 and beyond.



Read more at Nasdaq: General Motors’ Cruise to Pay $500K Penalty Over False Crash Report