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CTOnews.com, March 8 (Reuters)-an executive at GM's self-driving company Cruise said on Monday that it would focus on cost-cutting this year as investors worried about rising losses at self-driving car companies, forcing some companies to close factories.

Gil West, chief operating officer of Cruise, said at a technical meeting: "We will continue to focus on hardware and software, including the cost of parts and the number of parts in the car, and will continue to reduce costs in the process of development."

GM spent nearly $2 billion on its Cruise business last year, but Cruise gave no details of this year's spending estimates.

Because of cumbersome regulations, safety investigations and arduous technology, fully self-driving cars did not launch as quickly as initially expected. Ford and Volkswagen announced last fall that they would shut down Argo AI's self-driving division to focus on driving assistance technology that provides more direct returns. Waymo, Cruise's competitor, Alphabet's self-driving technology division, has cut jobs by more than 8 per cent this year.

West points out that Cruise offers limited services in San Francisco, and the small Chevrolet Bolt, equipped with self-driving technology, has accumulated more than 1 million miles of self-driving mileage. The company is also developing a fully self-driving car called Origin from scratch, with no steering wheel and only subway-like doors for carpooling and delivery.

According to West, Origin has entered the final stage of certification and is ready for full production, calling it a "big unlock" for the company this year. West said that most of the barriers to entry, including technical challenges and regulatory permits, are expected to be resolved in 2023, helping the company expand and grow rapidly.

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