Getaround Layoffs
February 2023
Getaround announced a layoff affecting 0 employees (10% of its workforce) in February 2023. The company operates in the Transportation sector.
0
10%
Feb 2, 2023
About
Peer-to-peer car-sharing company Getaround laid off 10% of its workforce, affecting approximately 42 employees, as part of a restructuring plan announced on February 2, 2023. With a total of 421 employees, the cuts targeted North American teams across all departments. The move aims to achieve sustainable profitability and long-term growth, responding to an uncertain macroeconomic outlook that has particularly impacted tech firms. This restructuring follows a delisting warning from the New York Stock Exchange due to low stock prices and is expected to save the company $25–30 million annually. Getaround, which went public via a SPAC merger in late 2022, operates in the transportation industry as a mid-sized company facing financial challenges, including a significant cash burn and declining revenue.
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