(Bloomberg) -- Microsoft Corp. plans to take an $800 million charge after General Motors Co. said it was shutting down its autonomous taxi initiative.

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GM this week said it will no longer fund the operation, citing the high costs to develop the technology and build out a fleet of vehicles.

Microsoft had announced a minority investment in Cruise in January 2021, part of a $2 billion investment round in the self-driving car startup, which is majority owned by GM. The move gave the Redmond, Washington-based software maker a stake in the nascent market for connected-car services, an arena that rival Alphabet Inc.’s Google had direct exposure to through its Waymo unit.

Microsoft’s $800 million charge will have a negative impact of about 9 cents a share, the company said in a regulatory filing on Wednesday.

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