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Microsoft Corp. plans to take an $800 million charge after General Motors Co. said it was shutting down its autonomous taxi initiative.

General Motors Co.’s Cruise self-driving car unit will exit the robotaxi business, a retreat from a market that proved costly and full of reputational pitfalls for the automaker.

The company is shutting down its European operations simultaneously, and existing employees in Europe will have to reapply for new jobs.

With Pony’s offering, Chinese companies have raised $1.2 billion via U.S. IPOs this year, nearly double the amount in the same period in 2023 but below the heights seen during the pandemic.

In a May 15 email sent to Tesla representatives, an NHTSA official flagged seven social media posts that gave the agency pause.

The business said late last week that it had raised $5.6 billion in new capital at an undisclosed value. The financing was led by Alphabet, which also owns Google.

Since May, the independent subsidiary of Daimler Truck has been conducting fully driverless truck tests on a multi-lane test track in Texas, the company revealed Oct. 29.

Shares of the Elon Musk-led company have fallen 12% this year through Oct. 22, while all of its Big Tech peers have advanced.

NHTSA said Oct. 18 it will assess whether Tesla’s system, also known as FSD, has the ability to detect and appropriately respond to fog and other reduced visibility conditions.

The evaluation examines multiple facets of operations, from the core self-driving component to the ecosystem of supporting services.