Anyone here confident that Cruise Automation can actually roll out self driving taxi by 2019?
To clarify, I was told that after softbank investment they are no longer GM owned. And hence new employees won't get any GM equity either - - its all vapor ware cruise options that they will get.
IPO is at least 6 to 8 years away. Company needs to have solid technology as well as business around it's technology to go public. cruise has neither right now. They will focus on technology first and then focus will shift to having solid balance sheet. it will take time. Discount their paper money by 50+% as you are not going to see liquidity until next 5+ years for sure.
Cruise Automation is doing such a bad job, their cars are truly scary. The vast majority of self driving car crashes in CA were Cruise (over 30 crashes), with an extremely low miles driven/crash. Their cars act totally unpredictable and don’t understand right-of-way. They can barely even drive down the street in a straight line. Last year they crashed into a motorcycle, yet refuse to release the footage which would implicate their shitty algorithms.
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Cruise won't IPO, it's already acquired by GM. No, AV taxis will not be in the wild at a large scale by next year, look to Waymo to lead in terms of # of cars on the road.
From what I heard, they are valued at 14B. It is beyond me what future they will have. No one can aquire them for meaningful exit, they surely cannot ipo with zero revenue. There's no point in joining them at this point unless the pure cash component is significantly more than what one currently makes.
Above comment is 💯 accurate