Cruise's Layoffs: 24% Workforce Slashed in Self-Driving Car Division
TL;DR Summary
Cruise, the self-driving car subsidiary of GM, is laying off 900 employees, or about 24% of its workforce, in an effort to cut costs and revamp the company following a recent incident involving one of its robotaxis. The layoffs primarily target non-engineering jobs, with workers expected to remain on the payroll through February 12 and receive additional severance benefits. GM shares rose 4.8% following the news. The company plans to focus on a single city and the Bolt platform as it aims to return with an exceptional service.
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