Ford E-Scooter Company Spin Is Leaving ‘Free-for-All’ Markets and Laying Off 25% of Staff
on Friday, Spin CEO Ben Bear said the company was beginning to exit nearly all open permit markets, or those where multiple companies are allowed to operate, for e-scooters to accelerate its “path to profitability.”operations in Germany and Portugal and anticipates that it will pull out of Spain as early as February. Bear said Spin will also leave a few U.S. markets but didn’t provide specifics.its ability to provide a high-quality service to riders and cities.
“These places have permit market dynamics that make it difficult to identify a clear path to profitability,” Bear said. “We found that these free-for-all markets create an uncertain operating environment—marked by frequent changes in competitive landscape, no caps on fleet sizes, and race to the bottom pricing.”
Approximately 25% of Spin’s employees will be laid off in the company’s restructuring. They will be offered severance packages, an additional stipend for outplacement services, and be allowed to keep their company-issued laptops.
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