GM Gets Ready to Test Self-Driving Cars in NYC

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General Motors Company (NYSE:GM) announced that the company is readying itself to test self-driving cars in New York City.

GM
Source: General Motors

The automaker will be the first company to test its Level 4 autonomous driving vehicles in the Big Apple. The all-electric Chevy Bolt will be tested, much to New York Gov. Andrew Cuomo’s joy.

“Autonomous vehicles have the potential to save time and save lives, and we are proud to be working with GM and Cruise on the future of this exciting new technology,” Cuomo said in a statement.

Testing self-driving vehicles was avoided by many companies as there’s only a small window to do it until April 1st, 2018, and there are strict regulations surrounding such a test.

GM will have to pay for a police escort to travel side-by-side with the car to ensure no accidents happen. Companies wanting to test self-driving vehicles need to test the specific vehicles being used in their application, plus each must be covered by a $5 million insurance policy.

“New York City is one of the most densely populated places in the world and provides new opportunities to expose our software to unusual situations, which means we can improve our software at a much faster rate,” said Kyle Vogt, CEO of Cruise, in a statement that was provided by Cuomo’s office.

GM stock fell 1.1% Tuesday.


Article printed from InvestorPlace Media, https://investorplace.com/2017/10/gm-self-driving-cars-2/.

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