Shulou(Shulou.com)11/24 Report--

CTOnews.com, December 22 (Xinhua)-- Tucson said on Wednesday that it would cut about 25% of its jobs, and the company is restructuring to focus on investing in self-driving truck technology.

The company said the restructuring affected about 350 employees, with about 80 per cent of the remaining 1100 engaged in research and development, many of them engineers critical to hardware and software resilience, reliability, security and information security. In the future, Tucson also pointed out that under macroeconomic conditions and industry readiness, focus on capital discipline's strategic investment in high value-added projects, that is, the validation and commercialization of Tucson's leading self-driving truck technology in the future.

It is reported that the one-time restructuring fee is about $10 million to $11 million, most of which will be recognized in the fourth quarter of 2022 and paid in the first quarter of 2023. Compensation-related restructuring is expected to save between $55 million and $65 million a year.

CTOnews.com learned that 25 per cent of layoffs were less than the 50 per cent previously reported by the Wall Street Journal. As of June this year, Tucson will have about 1430 full-time employees worldwide in the future, so the layoffs will affect about 350 people.

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