ination guides, and the latest travel industry updates.">
Monday, March 24, 2025
HomeCruiseCruise suspends employee stock program, corp bonuses moved up

Cruise suspends employee stock program, corp bonuses moved up

Cruise, the autonomous vehicle subsidiary of General Motors, told staff Thursday via email that the employee share-selling program for the fourth quarter is suspended, following an incident that resulted in the robotaxi company losing its permits to operate in California. Cruise cited the need to reevaluate how to offer competitive compensation, according to sources who spoke to TechCrunch on the condition of anonymity.
Cruise has confirmed the news to TechCrunch.
The loss to employees is highly dependent on when they started and what the stock price was at that time. Some employees could be at a loss easily north of $100,000. Sources we spoke to indicated they would be losing upwards of tens of thousands of dollars.
Corporate bonuses were also moved up two months, from March to January. Some sources suggest senior leadership adjusted the corporate bonus schedule to assuage workers who have described low morale throughout its ranks.
To that point, Cruise issued a surprise company holiday for tomorrow to ostensibly boost morale among employees who have expressed disappointment in the plan. Sources also speculate that the holiday is a chance for executives to plan layoffs or operational changes.
The employee share program involves GM buying back vested equity on a quarterly basis to facilitate recurring liquidity. The shares were historically bought based on valuation, but Cruise’s valuation has changed since an October 2 incident that left a pedestrian stuck under and dragged by a Cruise robotaxi. Canceling the program, sources say, makes the shares worthless.
After losing its permits in California, pausing all operations (driverless and manual) across the country, and pausing production on the purpose-built Origin robotaxi, layoffs are imminent. Cruise already started last week with contract workers.
Cruise has lost more than $8 billion since 2017, including $728 million in the third quarter of 2023, according to GM financial records. Cruise closed the third quarter with $1.7 billion in cash, which should give it nine months of runway.

RELATED ARTICLES

3 COMMENTS

  1. Наши любимые модели BMW для каждого водителя, способные удивить.
    Узнайте о лучших моделях BMW, производительностью.
    Откройте для себя новейшие модели BMW, с акцентом на.
    От компактных до люксовых: модельный ряд BMW, невероятно разнообразен.
    Наслаждайтесь качеством и элегантностью BMW, высокую производительность.
    Преимущества автомобиля BMW, обнаружьте.
    Искусство автомобилестроения: BMW, тех, кто стремится к совершенству.
    Лучшие автомобили в модельном ряду BMW, которые заинтересуют.
    Перспективы и инновации модельного ряда BMW, ознакомьтесь.
    Новый взгляд на автомобили BMW, подходящие для городской жизни.
    Инновации и стиль: BMW, это образ жизни.
    Наслаждайтесь комфортом и управляемостью BMW, который покоряет сердца.
    BMW: там, где стиль встречается с производительностью, индивидуальностей.
    Почему BMW — это ваш идеальный выбор, от комфорта до инноваций.
    Автомобили BMW: вдохновение на каждом километре, с уникальным дизайном.
    Наслаждайтесь разнообразием автомобилей BMW, с уникальными возможностями.
    Модельный ряд BMW: сочетание стиля и технических решений, для истинных ценителей.
    Модельный ряд BMW: ваше новое путешествие начинается, с удовольствием от вождения.
    Модельный ряд BMW: от классики до новинок, на любой вкус.
    bmw x5 2019 bmw x5 2019 .

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments

Bennieopelo on Dracula dud sucks
ŞENAY on In
ERDAL on