General Motors will outline on Wednesday plans to slash spending on its self-driving unit Cruise following a pedestrian injury last month, The Financial Times’ Peter Campbell and Camilla Hodgson reports. According to two people briefed on the plan, GM will spend less on the unit in the future, due in part to an expected slower rate of testing. GM’s quarterly investments in Cruise currently run at about $700M, the report notes.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on GM:
- GM Reinstates 2023 Earnings Guidance and Announces a $10 Billion Accelerated Share Repurchase Program and 33% Dividend Increase Starting in 2024
- Apple (NASDAQ:AAPL) and Goldman Sachs Sever Credit Card Partnership
- GM (NYSE:GM) Could Slash Cruise Spending after Pedestrian Injury
- SPY ETF Update, 11/28/2023
- What You Missed This Week in EVs and Clean Energy