The self-driving truck company Embark announced it would lay off 70% of its employees and start evaluating options, including winding down the business.
Embark Technology
The announcement on Friday came after a tough year for companies like Embark, as developing fully autonomous vehicles has proven harder and more expensive than expected. "Today, having exhausted all alternatives, we are taking the incredibly difficult step of laying off ~70% of the company, and shutting down our SoCal and Houston offices," Chief Executive Alex Rodrigues told employees in an email on Friday.
Embark went public in 2021 through a special purpose acquisition company deal and is backed by Mubadala Capital, Sequoia Capital and Tiger Global Management.
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