The autonomous vehicle company had initially blocked employees from selling shares as part of a compensation review
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by Brad Anderson
2 hours ago
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The chief executive of Cruise has apologized to employees over the company’s ongoing pause on autonomous vehicle testing in the U.S. and says staff will be permitted to sell shares in the company.
Cruise introduced an equity program in 2022 in a bid to attract and retain talent. The program allows current and former employees to sell their vested equity to GM and other investors every quarter. However, the firm temporarily suspended the program last week to initiate a compensation review.
Cruise has since changed its mind and in a staff email sent on Saturday, chief executive Kyle Vogt said certain employees will be able to sell a limited number of shares as part of a one-time opportunity, in part to help staff with their tax obligations, Auto News reports.
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“I am sorry we have veered off course under my leadership and that this has affected many Cruisers in a deeply personal way,” Vogt wrote in his email. “As CEO, I take responsibility for the situation Cruise is in today. There are no excuses, and there is no sugar coating what has happened. We need to double down on safety, transparency, and community engagement.”
Read: California DMV Suspends Cruise Permits After Robotaxi Ran Over And Dragged Pedestrian
Cruise has been in hot water since early October when one of its vehicles hit a pedestrian in San Francisco and dragged them along the ground for approximately 20 feet. An investigation into the incident quickly determined that the automated driving system of the modified Chevrolet Bolt mischaracterized hitting the pedestrian as a lateral collision and commanded the EV to pull over. In doing so, it dragged the pedestrian forward. The California Department of Motor Vehicles immediately suspended Cruise’s testing permits in the state and the firm has confirmed it has also halted testing in Phoenix, Houston, Austin, Dallas, and Miami.
