Car-sharing company Getaround Inc. will lay off roughly one-third of its workforce in an effort to further reduce costs.<\/p>\n
In a blog post<\/a> Wednesday, the San Francisco-based company said it needs to focus on profitability, and \u201ckeeping the long-term success of the business in mind.\u201d <\/p>\n The job cuts, which will affect about 30% of its North American staff, are \u201cexpected to reduce costs and further accelerate our path to profitability,\u201d the company said, resulting in approximately $7 million in savings on an annualized run-rate basis.<\/p>\n Chief Executive Sam Zaid said the decision was difficult, adding \u201cI take full responsibility for this decision, and I do apologize for the heartache and disruption it will cause.\u201d<\/p>\n Getaround
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\n announced a restructuring plan a year ago that included layoffs to about 10% of its workforce, and last May it bought HyreCar<\/a>, which offers car rentals for gig-economy drivers, for $9.45 million. In December, Getaround prematurely terminated the lease at its San Francisco headquarters, according to the San Francisco Chronicle<\/a>.<\/p>\n