Electric scooter rental firm Spin said it will lay off 25% of its employees, as part of the company’s restructuring plan to exit open permit markets.
\nSan Francisco-based Spin was bought by Ford Motor Co in 2018 and operates as a standalone business within Ford Smart Mobility.
\n“Spin will no longer compete in open permit markets that lack sensible regulations,” Ben Bear, chief executive officer of Spin said in a statement.
\nBear, who took the helm in June last year, added that free-for-all markets create an uncertain operating environment.
\nHe said Spin is beginning to wind down operations in a few U.S. markets and all of their markets in Germany and Portugal, while also projecting closure of Spain as early as February 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"
Electric scooter rental firm Spin said it will lay off 25% of its employees, as part of the company’s restructuring plan to exit open permit markets. San Francisco-based Spin was bought by Ford Motor Co in 2018 and operates as a standalone business within Ford Smart Mobility. “Spin will no longer compete in open permit markets that lack sensible regulations,” Ben Bear, chief executive officer of Spin said in a statement. Bear, who took the helm in June last year, added that free-for-all markets create an uncertain operating environment. He said Spin is beginning to wind down operations in a […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,246,137],"tags":[],"class_list":["post-461045","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/461045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=461045"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/461045\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=461045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=461045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=461045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}