General Motors (GM) will slash spending in its self-driving car unit Cruise, after an accident last month seriously injured a pedestrian and prompted regulators to retract its operating permit for driverless cars in San Francisco.
The company will “substantially lower” its spending on Cruise next year, according to Mary Barra, GM’s CEO. “We expect the pace of Cruise’s expansion to be more deliberate when operations resume,” she said in a letter to shareholders.
On an investor call, chief financial officer, Paul Jacobson, said that he expected spending to fall by “hundreds of millions of dollars” in 2024. Until the accident, Cruise had been operating driverless taxis in three US cities—San Francisco,
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