General Motors Co GM shares are trading slightly lower after-hours Thursday. The results of an investigation into the company’s autonomous vehicle unit, Cruise, were released Thursday afternoon.
The Details: The results were published in a 105-page report from Quinn Emanuel, the Los Angeles-based law firm that investigated Cruise. The independent review resulted from Cruise’s mishandling of the investigation into an accident involving a Cruise driverless taxi and a pedestrian last October.
The report "does not establish that Cruise leadership or personnel intended to deceive or mislead regulators," but, it does point to widespread failures within the company. The report found a "failure of leadership" and an "us-versus-them" mentality with regulators present among some Cruise employees.
General Motors owns 80% of Cruise and said in a statement that the report "confirms Cruise's actions following the incident on Oct. 2 were not consistent with the company's values and fell far short of the justifiable expectations of regulators and the public."
Cruise’s fleet of robotaxis remains grounded by regulators, and local and federal investigations into the incident are ongoing.
GM Price Action: According to Benzinga Pro, General Motors shares closed up 1.33% at $35.16 Thursday. The shares were trading down at $35.15 after-hours.
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