General Motors is cutting a billion dollars (£788 million) of spending from its driverless taxi division Cruise, but insists it remains committed to the self-driving project.

Reuters has analysed the company’s finances and says Cruise spent $1.9 billion in cash during 2023, and recorded a $2.7 billion pretax loss, not including $500 million in restructuring costs incurred in the fourth quarter as the unit cut staff.

It all follows the publication of findings of an independent report into a collision between one of its driverless vehicles and a pedestrian in San Francisco last October, with the company saying its reaction was “woefully short of our own expectations”. That led to all vehicles being removed from the streets.

Reuters adds that GM CEO Mary Barra added that the vehicle maker will “refocus and relaunch Cruise,” and said the company would “soon” disclose a timetable for resuming operations.

(Picture – Cruise)