SAN FRANCISCO (Reuters) – General Motors’ self-driving technology unit Cruise has canceled its program that allows employees to cash out shares in the firm in the fourth quarter, Cruise CEO Kyle Vogt said in an email to employees on Thursday.
He said Cruise’s recent decision to pause operations of its autonomous vehicles has “pushed out our commercialization and revenue generation timelines” for the company.
A Cruise spokesperson said, “GM and Cruise are working together on what competitive compensation packages at Cruise will look like going forward.”
(Reporting by Hyunjoo Jin and David Shepardson; editing by Jonathan Oatis)
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