11:08 AM EDT, 07/23/2024 (MT Newswires) -- (Updates with further delay in Orion assembly plant reopening and recent share price movement.)

General Motors' ( GM ) Cruise self-driving unit will shift its development focus to the next-generation Chevrolet Bolt from the Origin, Chief Executive Mary Barra said in a letter to shareholders Tuesday.

The autonomous Origin, which lacks manual controls such as a steering wheel or foot pedals, was facing "regulatory uncertainty," Barra said.

In addition, Barra said the Bolt's per-unit costs will be "much lower."

During an earnings call Tuesday, Barra said the reopening of its Orion assembly plant in Michigan as a factory for battery electric trucks has been further pushed back six months to mid-2026, according to a Capital IQ transcript.

The initial plan was to reopen the plant in 2024, but the target was moved to late-2025 amid demand uncertainty. Barra recently told CNBC that General Motors' ( GM ) goal of producing 1 million all-electric vehicles in North America by the end of 2025 appears increasingly uncertain "just because the market is not developing."

"We're confident that we can meet customer demand for standout EV trucks in the interim by leveraging the production capability and flexibility we have in Factory Zero," Barra told analysts during the call, referring to the automaker's first fully dedicated electric vehicle assembly plant also located in Michigan.

GM shares tumbled nearly 6% in recent trading.

Price: 46.65, Change: -2.92, Percent Change: -5.88