Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Cruise Origin, a driverless EV that Cruise plans to use for ride-sharing. (Photo: courtesy of Cruise)

Cruise unveiled a six-passenger, electric, driverless vehicle in San Francisco Tuesday night, heralding it as the start of a new era of low-cost, shared transportation that will save the average household $5,000 a year.

Why it matters: With no steering wheel, pedals or gasoline engine, the boxy Cruise Origin, co-developed with Honda, represents "the transportation system you’d build, if you could start from scratch," according to Cruise CEO Dan Ammann, a former president of General Motors.

Yes, but: It's not clear how Cruise — which scrubbed plans to launch a robo-taxi service in San Fransisco in 2019 — would turn that vision into reality, much less a viable business.

  • Pressed for details later, Ammann said Cruise would scale up a ride-sharing business by offering "a better experience at a lower price than what you pay to get around today."
  • A typical Uber or Lyft ride costs about $2 per mile, he said, while a personally owned vehicle costs about $1 per mile. Cruise's goal is to offer shared rides that are even cheaper, causing people to gravitate toward its service to save as much as $5,000 a year.

The math is a bit sketchy and based on some unproven assumptions, but there are some intriguing nuggets:

  • Unlike most cars, which sit idle 95% of the day, the Origin would operate 24/7 and last for 1 million or more miles — about six times longer than a typical car.
  • It's based on General Motors' newest electric vehicle platform — the basis for 20 upcoming EVs by 2023 — which will help reduce costs, Ammann said.
  • "Since GM has committed to producing millions of electric vehicles, we’ll build it for roughly half the cost of what a conventional electric SUV costs today," he said, showing a photo of a Tesla Model X, which starts at $81,000.
  • GM, Cruise's majority shareholder, will build the Origin, but where and when production begins has yet to be announced.

Cruise shared some technology advancements as well.

  • The Origin features a new multi-layered sensor suite that is designed to keep track of multiple people and objects — even if they’re far away, in pitch-black, or hidden by rain or fog.
  • The pair of front-mounted sensor units, combining cameras, radar, lidar and thermal imaging technology, swivel like an owl's head to keep an eye on the environment, complementing other sensors mounted around the vehicle.
  • Cruise has been testing automated Chevrolet Bolt EVs in San Francisco for several years and is now close to matching human driving capability, said co-founder and president Kyle Vogt.
  • With its new sensors, he said, Cruise is "on track to crack the 'superhuman' threshold" soon and will be "well past that threshold by the time the Cruise Origin enters production."

What to watch: Aside from the substantial commercial and technical challenges that lie ahead, there are regulatory hurdles as well.

  • The Origin does not comply with current federal motor vehicle safety standards, which assume a human driver and thus require a steering wheel, foot pedals, mirrors and other features.
  • Ammann said the company is in discussions with the National Highway Traffic Safety Administration about a waiver.
  • And, while Cruise has a permit to test its autonomous vehicles on public roads in California, it does not have a license to charge people for rides in self-driving cars.

Go deeper: The autonomous vehicle cash grab

Go deeper

3 hours ago - Technology

TikTok drives new nostalgia economy

Illustration: Shoshana Gordon/Axios

Older brands, trends and technologies are making a comeback as younger consumers desperately chase slower, less chaotic times.

The big picture: TikTok's algorithm makes it easy for flashback items to resurface and quickly go viral both on its platform and eventually on other social networks.

Updated 6 hours ago - World

Reports: Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince earlier this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

Details: The missionaries had just left an orphanage and were traveling by bus to the airport to "drop off some members" and were due to travel to another destination when the gang struck in Port-au-Prince, Haitian security officials said, per the NYT.

8 hours ago - World

Melbourne, "world's most locked-down city," to lift stay-at-home orders

Victorian Premier Daniel Andrews during a news conference in Melbourne, Australia, on Sunday. Photo: Quinn Rooney/Getty Images

Melbourne's stay-at-home orders will end five days earlier than planned, officials in Australia's second-biggest city announced Sunday.

Why it matters: The capital of the state of Victoria has had six lockdowns totaling 262 days since March last year. That means Melbourne spent longer under lockdown than "any other city in the world" during the pandemic, Reuters notes.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!