Raphael Stevens

Toymaker Mattel said it is considering raising prices in response to President Donald Trump’s new tariffs on China and potential duties on Mexico and Canada.
The toy giant behind popular brands such as Barbie and Hot Wheels sources about 40% of its goods from China, which Trump slapped with a new 10% tariff.
The company is looking to move around its supply chain to avoid pushing the entire cost onto consumers.

The new and old versions of the classic Barbie dolls are on display at Mattel Design Center in El Segundo, California, on Feb. 22, 2024.
Mario Anzuoni | Reuters

Mattel could soon raise the prices of toys such as Barbie and Hot Wheels in response to new tariffs imposed by President Donald Trump, executives said Tuesday. 
The toy giant, which manufactures about 40% of its toys in China and less than 10% in Mexico, told analysts it will look to move around its supply chain to mitigate the effect of tariffs, but it is also considering price hikes.

“Certainly against the tariff, we have a range of mitigating actions,” said finance chief Anthony DiSilvestro on the company’s fiscal fourth-quarter earnings call. He said those actions include leveraging Mattel’s supply chains and “potential price increases.” 
“We do work closely with our retail partners to achieve the right balance and always keep consumers in mind when we consider pricing actions,” he added. 
The comments come after Trump imposed a 10% tariff on Chinese goods this week. He also paused planned 25% duties on imports from Mexico and Canada for 30 days.
Economists on both sides of the aisle have agreed that the levies will likely lead to price increases for consumers. There is no guarantee Trump will impose the tariffs on Mexico and Canada, as he has often used the threat of duties as a negotiating tactic to bend foreign governments to his will. 

Hot Wheels cars by Mattel are offered for sale at a big-box store in Chicago on April 23, 2024.
Scott Olson | Getty Images

Shortly after Trump announced the 25% tariff on goods from Canada and Mexico, both countries announced they would bolster security at their respective borders, leading Trump to suspend the duties. The two nations had already been enhancing border security before Trump’s threat.

China and the U.S. have yet to come to a similar agreement to avoid the tariffs. If the 10% duty remains in effect, it will have a significant effect on the toy industry, which sources about 80% of its goods from the region. 
While companies such as Mattel have said publicly that they plan to leverage their supply chains and work with suppliers to mitigate the effects of the tariffs, executives have admitted privately that they are loath to take on the cost themselves and reduce profits. If they are not able to pass on the entire cost of the tariffs to suppliers, some plan to have consumers pay the rest through price hikes.
Some companies with diversified supply chains such as Mattel, which operates its own and third-party factories in seven different countries, have more flexibility to move production and lean on suppliers to lessen the hit to profits. It also does about 40% of its business outside of North America, where tariffs are not being imposed in the same way they are in the U.S. 
By 2027, Mattel expects sourcing from Mexico and China to represent more than 25% of total global production, down from about 50% now. It does not currently source from Canada.

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Disney posted fiscal first-quarter earnings Wednesday that beat on the top and bottom lines.
The company’s streaming business reported another quarter of profitability despite a 1% decline in subscribers for Disney+.
Disney warned investors that it expects another “modest decline” in subscribers during the second quarter. 

Disney posted fiscal first-quarter earnings Wednesday that beat on the top and bottom lines, but revealed the beginnings of expected streaming subscriber losses at Disney+.
The company’s streaming business reported another quarter of profitability despite a 1% decline in subscribers for Disney+, the company’s flagship service. While domestic subscriptions for the platform increased around 1%, international numbers declined around 2%. 

Disney warned during its fiscal fourth-quarter report in November that it expected a “modest decline” in subscriptions during the December period. Disney told investors Wednesday that it expects another “modest decline” in subscribers during the second quarter. 
Total paid Disney+ subscriptions stand at 124.6 million, compared to 125.3 million at the end of the company’s fiscal fourth quarter. Total Hulu subscriptions rose 3% during the period to 53.6 million.
Still, Disney+’s average monthly revenue per paid subscriber increased roughly 4% to $7.99 due to price hikes, the company said.
Disney’s stock was up about 1% in premarket trading.
Here is what Disney reported for the period ended December 28 compared with what Wall Street expected, according to LSEG

Earnings per share: $1.76 adjusted vs. $1.45 expected
Revenue: $24.69 billion vs. $24.62 billion

Disney’s net income increased nearly 23% to $2.64 billion, or $1.40 per share, from $2.15 billion or $1.04 per share, during the same quarter last year. Adjusting for one-time items including restructuring charges and impairments related to intangible Hulu assets, Disney reported adjusted earnings of $1.76 per share. 
Revenue increased 4.8% to $24.69 billion compared to $23.55 billion in the year-earlier period.
The company saw revenue gains across the board for its entertainment, sports and experience segments. 
Its entertainment division saw a 9% jump in revenue, reaching $10.87 billion. Operating income for the unit, which includes its direct-to-consumer, linear and content sales businesses, increased 95% to $1.7 billion during the quarter thanks to higher content sales and licensing. Linear continued to drag on overall results. 
“In fiscal Q1 we saw outstanding box office performance from our studios, which had the top three movies of 2024,” CEO Bob Iger noted in the company’s earnings release Wednesday. 
The debut of “Moana 2” over Thanksgiving weekend helped push the box office to new heights. The animated sequel was still going strong at the box office through the new year, topping $1 billion during the Martin Luther King Jr. Day weekend. The company noted Wednesday its content sales/licensing and other operating income got a boost from “Moana 2.”
Overall, Disney dominated the box office in 2024, with the help of other films like Marvel’s “Deadpool & Wolverine” and Pixar’s “Inside Out 2.”
The company said it expects double-digit growth in operating income for the entertainment segment in fiscal 2025, with an increase in direct-to-consumer operating income of around $875 million.

Experiences

Over at its experiences business, which includes parks, cruises and resorts as well as consumer products, revenue rose 3% during the quarter to $9.42 billion. 
Domestic theme park revenue accounted for 68% of the division’s total, or $6.43 billion. While that revenue marked a 2% improvement over the same quarter last year, the combination of Hurricanes Milton and Helene coupled with declines in attendance and investments in Disney’s fleet of cruise ships weighed on domestic operating income. 
The experiences division posted a 5% decline in domestic theme park operating income for the quarter, at $1.98 billion. 
Disney expects its experience segment to see operating income growth of between 6% and 8% in fiscal 2025.
Theme parks in the U.S. have recently experienced a slowdown in foot traffic following the post-Covid surge in attendance.
Disney CFO Hugh Johnston said Wednesday on CNBC’s “Squawk Box” that the experiences segment performed better than expected for the fiscal quarter.
“In fact, the consumer is a bit stronger than we would have expected,” Johnston said Wednesday. “I think what we’re seeing is consumers are just very value focused, and you deliver value to them, they’re willing to pay the price for it.”

Disney’s parks recently turned a record revenue and profit, even as the company has raised prices for its destinations. The company is in the midst of a 10-year, $60 billion investment in the segment.

Sports

In sports, Disney’s ESPN reported revenue growth of 8% year over year, reaching $4.81 billion, and operating income that was up 15% from the prior-year period to $228 million. 
The company expects operating income for its overall sports segment, which houses ESPN as well as Star India, to grow 13% in fiscal 2025.
Disney said that guidance includes a roughly $50 million hit tied to its exit from the Venu Sports joint venture. Disney and its joint venture partners, Warner Bros. Discovery and Fox, called off their efforts to move forward with Venu, which was supposed to be a streaming app that included all of the live sports from its parent companies.
The change in strategy came after legal headaches that halted the launch of Venu last fall.
As a result of the Venu stoppage, Fox on Tuesday announced it would move forward with its own streaming service after years of staying largely on the sidelines of the direct-to-consumer streaming game.
This story is developing. Please check back for updates.
Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu. More

Chipotle Mexican Grill does not expect a major disruption from President Donald Trump’s potential tariffs on Mexico, and said it only sources about half of its avocados from Mexico.
If Trump goes ahead with his plans to impose 25% tariffs on imports from Mexico and Canada, in addition to 10% duties on Chinese goods, Chipotle expects to see its cost of sales rise 60 basis points, or 0.6 percentage points.
In recent years, the burrito chain has taken steps to buy more of its avocados outside of Mexico, CEO Scott Boatwright said.

Boxes of avocados are seen at the Central de Abastos market in Guadalajara, Jalisco state, Mexico, on Jan. 31, 2025.
Ulises Ruiz | Afp | Getty Images

Chipotle Mexican Grill said Tuesday that it does not expect costs to rise much if tariffs on key imported ingredients go into effect next month, noting that only about half of its avocados come from Mexico.
A day earlier, President Donald Trump paused his plans for 25% tariffs on Mexican and Canadian imports. If implemented after the one-month suspension, imports such as avocados and beef would be more expensive for restaurants, which would likely try to pass on the increased cost to their diners.

But Chipotle executives shook off the tariff fears during the company’s earnings conference call on Tuesday. If tariffs aimed at Mexico, Canada and China all go into effect, Chipotle expects that its cost of sales would rise about 60 basis points, or 0.6 percentage points, according to Chief Financial Officer Adam Rymer.
Chipotle only sources about 2% of its sales from Mexico, importing produce such as avocados, tomatoes, limes and peppers, Rymer said.
In fact, while Mexico supplies roughly 90% of the avocados eaten in the U.S., Chipotle buys about half of its avocado supply from Colombia, Peru and the Dominican Republic, according to CEO Scott Boatwright. In recent years, Chipotle has taken steps to buy more of its avocados outside of Mexico, he told analysts.
Looking beyond Chipotle’s guacamole supply, less than 0.5% of Chipotle’s sales are sourced from Canada and China. Trump has already imposed a 10% tariff on Chinese imports.
In recent quarters, Chipotle has shown that it has pricing power, even as diners become more value-conscious.

For the fourth quarter, the company reported same-store sales growth of 5.4%, fueled by a traffic increase of 4%. Chipotle’s earnings topped Wall Street estimates, but a conservative forecast for its same-store sales growth sent shares down 5% in extended trading.
The outlook did not include the effect of any tariffs.

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Chipotle Mexican Grill’s stock has climbed 17% over the past year.
The burrito chain announced Scott Boatwright as its permanent CEO in November.
The company has outpaced the broader restaurant industry over the past year.

A Chipotle restaurant stands in Manhattan, New York City, on Feb. 6, 2024.
Spencer Platt | Getty Images

Chipotle Mexican Grill on Tuesday said traffic to its restaurants keeps rising, helping the company top analysts’ estimates for its quarterly earnings.
However, the burrito chain disappointed investors with its same-store sales forecast for 2025 and commentary about weaker January traffic. Shares of the company fell more than 4% in extended trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: 25 cents adjusted vs. 24 cents expected
Revenue: $2.85 billion, meeting expectations

The company’s net sales climbed 13.1% to $2.85 billion. Same-store sales rose 5.4%, narrowly missing StreetAccount estimates of 5.7% growth.
Transactions rose 4% in the quarter, continuing the burrito chain’s streak of higher traffic. For the past year, Chipotle has outpaced the broader restaurant industry, which has seen traffic slump as many consumers opt to cook their meals to save money.
But sales softened at the end of December, which executives attributed to Christmas and New Year’s Day falling on Wednesdays.
However, sales have been “volatile” so far in 2025, CFO Adam Rymer said on the company’s conference call. The weather, including the wildfires in Los Angeles, has been having a larger impact on traffic than it did last year, according to executives.

“While we believe underlying transaction trends are healthy and we have a strong plan for the year, we do compare against progressively tougher comps in the first half of the year and therefore are guiding to a low to mid single digit comp for the full year,” Rymer said.
Wall Street was anticipating same-store sales growth of 5.4% for the full year, according to StreetAccount estimates.
Chipotle’s forecast doesn’t include the impact of any tariffs that may be implemented on Canadian and Mexican imports. Executives said that tariffs would raise the company’s cost of sales by 60 basis points, or 0.6 percentage points.
In September, Chipotle brought back its Smoked Brisket. The company charges more for the limited-time menu item than its other protein options.
Chipotle reported fourth-quarter net income of $331.8 million, or 24 cents per share, up from $282.1 million, or 20 cents per share, a year earlier.
Excluding restaurant impairment charges, legal costs and other items, Chipotle earned 25 cents per share.
The company opened 120 restaurants during the quarter, including one international licensed location. After 30 years of focusing primarily on its U.S. business, Chipotle is trying to expand internationally. For example, last year it entered Kuwait, its first new country in a decade.
For 2025, Chipotle expects to open between 315 and 345 new locations, more than 80% of which will have a “Chipotlane” for digital orders.

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The bodies of all 67 people killed in the midair collision between a regional jet and an Army Black Hawk helicopter have been recovered, and 66 of them have been identified, officials said.
Investigators are still probing the cause of the collision, which occurred as the American Airlines jet was moments away from landing at Washington, D.C.’s Ronald Reagan Washington National Airport.
Key lines of questioning include the altitude of the airplane and the helicopter, among other factors.

Family members visit the crash site on the banks of the Potomac River, where American Airlines flight 5342 collided with a US Army military helicopter, at Ronald Reagan Washington National Airport in Arlington, Virginia, on February 2, 2025. 
Tasos Katopodis | Getty Images News | Getty Images

The remains of all 67 people killed in Wednesday’s collision of an American Airlines regional jet and an Army Black Hawk helicopter over the Potomac River have been recovered, officials said Tuesday. Sixty-six of them have been identified, the D.C. Fire and EMS department said.
The National Transportation Safety Board, which is leading the investigation, said Tuesday that the air traffic control tower display showed the helicopter at about 300 feet at the time of the collision. That is above the maximum altitude of 200 feet helicopters in the area are authorized to fly at under Federal Aviation Administration rules, but the NTSB cautioned it needs more information that will come from the Black Hawk once it’s recovered from the water.

Rescue responders had been working over the past several days to remove wreckage from the airplane, a Bombardier CRJ-700. Crews have so far lifted out the right wing, center fuselage, parts of the front of the cabin, tail cone and other parts.
American Airlines Flight 5342, operated by its regional subsidiary PSA Airlines, was seconds away from landing at Washington, D.C.’s Reagan National Airport when it collided with the helicopter, killing all 64 people on board the plane and three military crew on the Black Hawk. The helicopter was on a training mission, officials said.
It was the deadliest U.S. air crash since 2001 and the first deadly major passenger airline crash in the U.S. in nearly 16 years.
Investigators are still probing the cause of the collision. The NTSB said it has interviewed air traffic controllers on duty that night, including the person who was working at the time of the collision.
The NTSB has recovered the two data recorders from the American plane as well as the recorder from the Black Hawk.

“NTSB investigators continue to transcribe the cockpit voice recorders for both aircraft,” the NTSB said Tuesday. “Synchronization work for the Black Hawk flight data recorder and cockpit voice recorder is ongoing.​​”
The FAA on Friday restricted helicopters from flying in the area near the airport indefinitely.
American Airlines CEO Robert Isom told employees in a note Tuesday that the company would hold a moment of silence Wednesday to mark a week since the crash.
“Caring for and supporting everyone affected by this tragedy remains our top priority,” said Isom, who traveled to Wichita, Kansas, where the flight originated, to visit with local employees and officials.
While air crashes are extremely rare, American said it operates a so-called CARE Team for such rare disasters.
The team is made up of about 2,000 employees who volunteer from across the company, according to the airline. They are trained by the carrier’s emergency planning and response teams to help victims’ family members and provide information from the company. They also coordinate travel arrangements; arrange child, elder or pet care; assist with logistics, such as getting changes of clothing, toiletries and transportation; and listen to affected family members, the airline said.
American’s COO David Seymour and other operations staff members were in Washington, D.C., this week to support that team, Isom said.
“Our CARE Team has stepped up in a significant way in the wake of this unimaginable tragedy, and I’m so proud of everything they are doing,” he wrote. More

Walmart has bought a mall in the Pittsburgh area.
The purchase was an all-cash $34 million deal, according to CBL, a shopping mall owner that sold the property.
It’s another example of the creative ways that malls have transformed, as some have become apartments, hockey rinks or even Amazon fulfillment centers.

A Walmart Supercenter during Walmart’s multiweek Annual Deals Shopping Event in Burbank, California, on Nov. 21, 2024.
Allen J. Schaben | Los Angeles Times | Getty Images

Walmart is now a mall owner.
On Tuesday, the big-box retailer confirmed that it bought Monroeville Mall, which is roughly 12 miles east of Pittsburgh.

In a statement, Walmart said it “is very interested in being part of any future redevelopment of this site.” It declined to share specific plans for the future of the mall.
CBL Properties sold the mall in a $34 million all-cash deal, according to a news release from the Tennessee-based mall owner in late January. The company did not name the buyer at the time.
Walmart’s purchase is an example of the unexpected ways that malls are being redeveloped and repurposed. Shopping centers have added new restaurants, turned former stores into apartments or gotten demolished for completely new uses, as mall anchors like Sears have shuttered and others like Macy’s are downsizing.

Some malls have changed to reflect evolving buying habits, becoming Amazon fulfillment centers where workers pack up purchases and send them to shoppers’ doors.
Tenants at Monroeville Mall include department stores Macy’s and JCPenney, specialty retailers like Claire’s, Victoria’s Secret and American Eagle, and a Cinemark movie theater, according to Monroeville Mall’s website. The mall is on a 186-acre site.
Walmart’s real estate deal was previously reported by the Pittsburgh Post-Gazette.
Walmart’s previous deals have been more retail related, including the $3.3 billion acquisition of e-commerce startup Jet.com. But it also acquired smart TV maker Vizio last year in a $2.3 billion deal, as it bulks up its advertising business.
Walmart hired Texas-based Cypress Equities to manage the property and oversee the redevelopment of the mall, where the horror classic “Dawn of the Dead” was filmed.
Chris Maguire, CEO of Cypress Equities, said the company has worked with the discounter before to find new sites, build stores or close older locations. But he said Walmart’s interest in a mall caught him by surprise.
Walmart brought Cypress in to look at the project in early October, Maguire said. Now, he said, the project is “shifting into planning mode,” and a design and architecture team will work on a master plan for the mall. 
“This is going to be a retail-driven, mixed-use project,” he said.
He said there’s a need for more entertainment and food and beverage concepts in the area. And he said the company has spoken to the city about turning some of the site into housing.
Walmart has more than 4,600 stores and about 600 locations of Sam’s Club, its membership-based warehouse club, in the U.S. Both stores, Walmart and Sam’s Club, have been expanding.
Two years ago, Sam’s Club announced that it planned to open more than 30 stores in the U.S. over a five-year period. Walmart said early last year that it expected to build more than 150 stores over the next five years, with some of those locations being a conversion from a smaller to a larger-format store.
Walmart opened three stores last year in North Carolina, Florida and Georgia, and it plans to open a dozen more locations over the next 12 months, Hunter Hart, senior vice president of Walmart Realty, said in an interview in late January. Many of those stores will open in high-growth parts of the country, such as North Texas or Houston, he said.
It’s also made a more aggressive push to refresh its big-box stores with features like brighter lighting and more spacious aisles. Over the past three years, it has remodeled more than 2,000 stores, Hart said.
Going forward, Hart said Walmart plans to remodel about 650 locations per year — a step up from its typical cadence of 450 to 500 per year.
Walmart did not say if it is considering any other mall purchases.
Cypress’ Maguire said Walmart’s deal could inspire other similar projects. 
“As we all know, there’s a lot of malls out there in the U.S. that aren’t going to operate as an enclosed mall,” he said. “So hopefully things like this are going to happen in other markets with properties that have really deteriorated over a long period of time and need a new vision.”

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Shares of vaccine companies fell after a Senate panel voted to advance Robert F. Kennedy Jr.’s nomination to lead the Department of Health and Human Services to the full chamber. 
Moderna’s stock fell more than 4%, shares of BioNTech dropped 3% and shares of Novavax and GSK both fell around 1%.
Pfizer’s stock fell almost 2%, even after the company reported fourth-quarter results that topped expectations. 
Kennedy, 71, is a notorious vaccine skeptic, making false claims that they are linked to autism despite decades of studies that debunk that association.

Robert F. Kennedy Jr., U.S. President Donald Trump’s nominee to be secretary of Health and Human Services, testifies before a Senate Health, Education, Labor, and Pensions (HELP) Committee confirmation hearing on Capitol Hill in Washington, on Jan. 30, 2025.
Nathan Howard | Reuters

Shares of vaccine companies fell on Tuesday after a Senate panel voted to advance Robert F. Kennedy Jr.’s nomination to lead the Department of Health and Human Services to the full chamber. 
The committee voted 14 to 13 to advance Kennedy in a party-line vote around 10:30 a.m. ET.

Moderna’s stock closed about 6% lower and shares of BioNTech dropped nearly 2%. Pfizer’s stock closed more than 1% lower, even after the company reported fourth-quarter results that topped expectations. Their shares initially fell by larger margins following the Senate committee vote, then regained some ground.
Kennedy, 71, is a notorious vaccine skeptic, making false claims that they are linked to autism despite decades of studies that debunk that association. But Kennedy, during Senate confirmation hearings last week, contended that he is not “anti-vaccine.” 
Kennedy is also the founder of the nonprofit Children’s Health Defense, the most well-funded anti-vaccine organization in the U.S. In a government ethics agreement last month, he said he stopped serving as chairman or chief legal counsel for the organization as of December.
If confirmed by the Senate, Kennedy would oversee federal health agencies that regulate vaccines and other drugs. Some health policy experts have raised concerns about Kennedy using his new potential platform to spread anti-vaccine rhetoric and deter Americans from receiving recommended shots at a time when vaccination rates are already falling, especially among children.
During an industry conference in January, Pfizer CEO Albert Bourla said Kennedy’s anti-vaccine rhetoric is in “complete contradiction” with what the company, regulators and the medical and scientific community believe.

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General Motors is laying off roughly half its employees who remain at its discontinued Cruise robotaxi business.
The plans come two months after GM said it would no longer fund Cruise after spending more than $10 billion on the robotaxi unit since acquiring it in 2016.
GM cited the increasingly competitive robotaxi market, capital allocation priorities and the considerable time and resources necessary to grow the business as reasons for its decision.

A robot car of the General Motors subsidiary Cruise is on a test drive.
Andrej Sokolow | picture alliance | Getty Images

General Motors is laying off roughly half the employees who remain at its discontinued Cruise robotaxi business.
The plans come two months after GM said it would no longer fund Cruise after spending more than $10 billion since acquiring the self-driving car business in 2016.

“Today, Cruise shared the difficult decision to part ways with approximately 50% of its workforce,” Cruise said in an emailed statement. “We are grateful for their passion and contributions to help us reach this stage, and our focus is on supporting them into their next chapter with severance packages and career support.”
Cruise had nearly 2,300 employees as of the end of last year, a GM spokesman previously told CNBC.
In an internal email sent Tuesday morning to all Cruise employees, which was viewed by CNBC, Cruise President and Chief Administrative Officer Craig Glidden wrote that the 50% reduction came “as a result of the change in strategy we announced in December.”
“With our move away from the ride-hail business and toward providing autonomous vehicles to customers alongside GM, our staffing and resource needs have dramatically changed,” Glidden wrote.
He added that a string of executives will also depart this week, including Marc Whitten, CEO; Nilka Thomas, chief human resources officer; Steve Kenner, chief safety officer; and Rob Grant, chief government affairs officer. Mo Elshenawy, president and chief technology officer, will stay on at Cruise through the end of April to help with transition duties, Glidden wrote.

The Cruise layoffs, which were first reported by TechCrunch, were expected, but executives had previously declined to speculate on the amount.
The job cuts were announced in conjunction with the Detroit automaker reporting the completion of Cruise becoming a wholly owned subsidiary within GM, which is now focusing on “personal autonomous vehicles” rather than robotaxis.
About 88% of remaining employees are in engineering or related roles, and affected employees were given 60 days’ notice, according to the company.
During the remainder of their time with Cruise, the affected employees will receive full base pay, as well as eight weeks severance. Employees who had been with Cruise for more than three years will receive an additional two weeks pay for every additional year spent at Cruise, the company said.
“While not an easy decision, we are focused on combining efforts with General Motors to accelerate autonomy at scale on personal autonomous vehicles,” Cruise said.
GM’s Cruise was considered a leader in the business along with Alphabet-backed Waymo until the company grounded its robotaxi fleet and announced the end of its commercial operations late last year. That came after an October 2023 accident in which external probes found the company misled or deceived regulators about the incident.
In January 2024, a third-party probe into Cruise revealed that culture issues, ineptitude and poor leadership were at the center of regulatory oversights and cover-up concerns that had plagued the company.
The report addressed, in part, controversy that had swirled around Cruise since an Oct. 2, 2023, accident in which a pedestrian in San Francisco was dragged 20 feet by a Cruise robotaxi after being struck by a separate vehicle. Results of the investigation, which reviewed whether Cruise representatives misled investigators or members of the media in discussing the incident, were published months later in a 105-page report.

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