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Roughly 25% of the company's staff will be impacted by the decision.
The image is Spin.
Spin, the e-scooter company owned by Ford, announced a major restructuring Friday where it will pull out of nearly all open permit markets. Spin is exiting a few US markets, Germany, and Portugal, and it is planning to close down in Spain as early as February.
Spin says it will focus on limited vendor markets, where only a few scooter companies are allowed to compete in a location. Spin sees double the revenue per vehicle in limited vendor markets.
Roughly 25% of our staff are impacted by the decision to restructure.
Roughly 25% of our staff will be affected by the decision to restructure, according to Bear. Spin will offer severance packages to affected employees, as well as an additional stipend that may be allocated for outplacement services, according to Bear. He said that staff who had been issued company laptops will be allowed to keep them.
Multiple scooter companies are allowed to operate in a market. They proved to be tough competitors. The market dynamics make it difficult to identify a clear path to profitability, according to Bear.
Ford acquired Spin. The expansion plan was announced in 2019. The company seems to be focusing on the immediate future after Friday's announcement.