Motional lays off 40% of its employees

The autonomous driving company Motional announced the cessation of commercial operations and laid off 40% of its employees, involving about 550 employees. The layoffs include senior management, and some project teams have also been disbanded. Just in March of this year, Motional also announced a 5% layoff. At the end of last year, Motional also laid off about 10% of its employees. Motional is an autonomous driving company jointly established by Aptiv and Hyundai Group in March 2020 with a 50:50 ratio, with each party investing US$2 billion. From 2020 to 2022, Motional's operating losses reached US$1.1538 billion (about RMB 8.282 billion). Other data show that in the first half of 2023, Motional had a net loss of US$560 million. A few days ago, Aptiv has confirmed that it has sold 11% of Motional's shares, all of which are taken over by Hyundai, with a total investment of more than US$923 million (about RMB 6.67 billion).