Cruise CEO, Kyle Vogt, resigns amidst regulatory changes
The resignation follows a string of missteps by Cruise. As CNBC previously reported, the company recently issued a recall affecting 950 of its robotaxis following a pedestrian collision in San Francisco last month. Cruise had lost its permits to operate driverless vehicles in California without a human safety driver on board as a result of that pedestrian collision.
According to its most recent quarterly update, GM has lost roughly $1.9 billion on Cruise between January and September, including $732 million in the third quarter alone.
Cruise also recently suspended its RLO equity program which offers liquidity for employees: https://www.levels.fyi/community/thread/EtOCmx/cruise-suspends-employee-stock-program