G.M. Slashes Spending on Cruise Self-Driving Unit
General Motors (GM) plans to significantly reduce spending on its Cruise automated driving division in 2024 following safety concerns and accidents involving its self-driving taxis in San Francisco. GM had intended to expand its ride service to multiple cities but will now focus on one city to improve the operation of its driverless vehicle fleet. The company aims to rebuild trust with regulators and communities before resuming operations. GM's CFO, Paul Jacobson, stated that spending at Cruise would decrease by "hundreds of millions of dollars" in 2024. GM also provided a general business update, including lower net income forecasts due to strikes and increased labor costs, as well as plans to buy back up to $10 billion of its stock.
- G.M. to Cut Spending on Cruise Self-Driving Unit The New York Times
- GM cuts spending on Cruise self-driving cars CNN
- GM to cut spending on Cruise driverless vehicles by ‘hundreds of millions of dollars’ Engadget
- CEO: GM to 'substantially' reduce Cruise investment after S.F. crash San Francisco Chronicle
- GM to slash spending at Cruise by ‘hundreds of millions of dollars’ TechCrunch
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