GM (GM) s🍸hares jumped more than 6% Thursday after it said it would slash jobs at its autonomous vehicle division, Cruise, following an acciꦓdent that led regulators to shut down the robo taxi service.

In a memo, President Mo Elshenawy indicated the carmaker was cutting 900 employees, or 24% of its workforce, to reduce costs and focus on other projects. 澳洲幸🐬运5官方开奖结果体彩网:Co-founder and former CEO Kyle Vogt and Chief Product Officer Dan Kan resigned last month. Instead of a new CEO, Elshenawy and GM General Counsel Craig Glidden were chosen to lead the unit and report to the board.

Elshenawy explained that Cruise was “simplifying and focusing our efforts to return with an exceptional service in one city to start with.” He added the company would be 🍸looking at its EV Bolt platform for the first step “before we scale.ꦉ”

Cruise has struggled since an accident in San Francisco, California that led the state’s Department of Motor Vehicles to suspend Cruise’s deployment and driverless testing permits.

Elshenawy noted that he and 🐓Glidden believe the layoffs were a necessary step “to set up Cruise for the long term.” He said those being let go will remain on the payroll through Feb. 12.

GM shares rose 6.7% Thursday to $36.25, its highest close since early August. The stock is up 7.2% for the year.