'GM's Cruise Slashes Contractor Roles After Driverless Car Suspension' - CNBC
Portfolio Pulse from Benzinga Newsdesk
Cruise, a subsidiary of General Motors (GM), has announced layoffs affecting contract workers who worked on its driverless ridehailing service. The layoffs come after a series of safety concerns and incidents, including a pedestrian collision that led to the recall of 950 robotaxis. The California Department of Motor Vehicles has suspended Cruise's deployment and testing permits for its autonomous vehicles. GM reported a loss of approximately $1.9 billion on Cruise through September of this year.

November 09, 2023 | 3:26 pm
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General Motors' subsidiary Cruise has announced layoffs and faces regulatory issues, which could negatively impact GM's financial performance.
The layoffs at Cruise, along with the suspension of its testing permits due to safety concerns, could lead to delays in the development and deployment of its autonomous vehicles. This, coupled with the reported loss of $1.9 billion on Cruise, could negatively impact GM's financial performance and investor sentiment.
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