GM is massively slashing spending on its self-driving vehicle subsidiary Cruise after a string of debilitating setbacks, according to a conference call by company executives transcribed by TechCrunch. GM Chair and CEO Mary Barra said that operations would resume in some capacity, but that any plans for Cruise moving forward would be more “deliberate.”
To that end, the cuts will amount to hundreds of millions of dollars in the next year. This is expected to result in widespread layoffs at the San Francisco-based company that currently employees nearly 4,000 people. Earlier this month, Cruise CEO Kyle Vogt told staffers at an all-hands meeting that he’d have information regarding layoffs in the coming weeks, but he resigned shortly thereafter along with co-founder Dan Kan.
It looks like the entire company may get an overhaul, with CFO Paul Jacobson saying in today’s conference call that there would be specific restructuring information in the coming weeks after two independent safety and
