Automakers like Ford Motors and Volkswagen had also once made big, billion-dollar bets on the future of ridehail—only to walk back those plans later.

General Motors has announced that it will stop funding the development of the Cruise self-driving taxi. The company says it will now "refocus autonomous driving development on personal vehicles". GM also pointed to the increasingly competitive robotaxi market as a reason for the move.

General Motors will stop funding its Cruise robotaxi business and focus on developing self-driving technology for personal vehicles, the automaker said in a statement on Tuesday. The company said in a statement that it had made the decision due to “the considerable time and resources that would be needed to scale the business” as well as increased competition in the robotaxi market.

From Musk's ties to Trump to a brighter outlook for sales growth, here's what investors see working in Tesla's favor heading into 2025.

Tesla’s shares increased by more than 3.7% to just below $416 as of around 1:10 p.m. EST, surpassing the stock’s all-time intraday record high of $414.50 set on Nov. 4, 2021,