General Motors Stock News

General Motors unit to pay $500,000 fine after failing to disclose key details of 2023 San Francisco crash to NHTSA

General Motors has cut 1,000 jobs, according to a person familiar with the reductions, marking the latest effort by the automaker to trim costs as it ramps up sales in unprofitable electric vehicles.

GM laid off roughly 1,0000 employees on Friday as the automaker attempts to cut costs and realign priorities amid changing market conditions, according to a person familiar with the decision. The layoffs, which were announced Friday morning via email to those impacted, were across the business.

Cruise, the autonomous vehicle unit of General Motors, has admitted to submitting a false report with the goal of influencing a federal investigation into a safety incident last year. In penance, the company will pay a $500,000 criminal fine as part of a deferred prosecution agreement, per the Department of Justice (DOJ).

General Motors is laying off nearly 1,000 workers worldwide, most in the U.S., as it looks to streamline operations, a source told Reuters on Friday.

General Motors-owned robotaxi and self-driving car company, Cruise, agreed to pay a $500,000 fine and admitted to submitting a false report after an accident involving one of its vehicles in San Francisco last year—where a pedestrian was injured after being struck and dragged approximately 20 feet by a robotaxi.

General Motors' self-driving car unit, Cruise, admitted on Thursday to submitting a false report to influence a federal investigation and will pay a $500,000 fine as part of a deferred prosecution agreement, the Justice Department said.

General Motors will recall 77,824 vehicles as incorrect software in the transmission control module may cause the vehicle to move in an unintended direction, the U.S. National Highway Traffic Safety Administration said on Thursday.