General Motors is restructuring Cruise, its self-driving-taxi company, in what amounts to an exit from the robotaxi business and a refocusing on improving driver- assistance technologies for everyday people.

The automaker cited the intense competition for self-driving cars and the steep costs associated with developing them.

General Motors said Tuesday it will no longer fund the development of a commercial robotaxi business and will instead absorb its self-driving car

Deutsche Bank also raised its price target for Tesla shares to $370 from $295. Tesla shares were trading down nearly 1% at $386.04 on Monday.

Tesla is planning to launch a more affordable model, possibly called the Tesla Model Q, with a starting price under $30,000, according to a report from Deutsche Bank.