General Motors (GM) plans to reduce its investment in its self-driving vehicle unit, Cruise, by approximately USD 1 billion in 2024 (halving the spent), despite affirming its dedication to the autonomous driving initiative.

GM's CEO, Mary Barra, also announced intentions to restructure and relaunch Cruise, with plans to announce a schedule for resuming operations. 

In 2023, Cruise reported significant financial losses, including a USD 1.9 billion cash burn and a USD 2.7 billion pretax loss, excluding additional restructuring costs.

Analyst QuickTake: Cruise, under scrutiny from an incident where one of its autonomous vehicles hit and dragged a pedestrian in San Francisco, is facing investigations by several federal agencies. The incident led to the suspension of its autonomous vehicle permits in California. Subsequently, the company voluntarily withdrew its driverless taxi operations nationwide. Additionally, the period saw significant organizational changes, including the resignation of its CEO and several key executives, along with recalls and layoffs.