General Motors Company (NYSE:GM) is reducing spending on its self-driving unit Cruise after it suspended testing of its robotaxis following an accident involving a pedestrian, Financial Times reported on Tuesday.
According to the newspaper, the automaker will on Wednesday announce its intention to cut back on planned spending on its self-driving technology.
GM currently spends about $700 million a quarter on Cruise, per the report.
Following the October 2 accident which saw the California Department of Motor Vehicles suspend Cruise’s permits for autonomous vehicle deployment, Cruise paused all of its self-driving operations. The company also expanded a safety review of its robotaxis.
The turmoil at the company saw CEO Kyle Vogt step down on November 19, which was followed by the resignation of co-founder and chief product officer Daniel Kan a day later.
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