Motional, an autonomous vehicle technology developer, is delaying its plans for a commercial driverless robotaxi service until 2026, instead of the planned 2024 launch. This is due to a restructuring aimed at refining its core technology and business model while conserving capital.

The restructuring will also result in a staff reduction. However, the company has not yet specified the exact number of staff that would be laid off.

The company also suspends its operations, including autonomous rides in Las Vegas via Uber , Lyft , and Uber Eats deliveries in Santa Monica.

Analyst QuickTake: Hyundai invested nearly USD 1 billion in Motional earlier in May —increasing its stake to 85%—following Aptiv’s decision to reduce its investment due to the high costs of commercializing robotaxi technology. We believe the recent funding would help Motional to further refine its technology and relaunch operations in the future.