General Motors (NYSE: GM)-owned Cruise is launching its autonomous ride sharing service in Phoenix, Arizona and Austin, Texas by the end of 2023, tripling the number of cities where it will have commercial operations.
Shares of automotive stocks were tumbling today as the broader market fell on concerns of near-record inflation and a stronger-than-expected labor market. Investors are concerned that persistent inflation and a strong labor market will encourage the Federal Reserve to continue hiking interest rates, which could end up slowing the economy down too much. As a result, Ford (NYSE: F) fell 5.4%, Lucid Group (NASDAQ: LCID) slid 6.3%, and General Motors (NYSE: GM) tumbled 5.7% as of 11:43 a.m. ET.
In the latest trading session, General Motors Company (GM) closed at $35.25, marking a +1.56% move from the previous day.