Our Road to Accelerate Profitability

Feb 7, 2024 3 min read

Team – 2023 was a challenging year for Getaround, but we’ve come out of it stronger. It was our first full year as a public company, and – as many companies have also experienced, both public and private – it was a year filled with tremendous challenges, and successes.

One area on which we continue to focus is the profitability of the company, keeping the long-term success of the business in mind. In that regard, we have made the difficult decision to further reduce costs and our workforce, effective immediately. This decision is part of our plan to better meet the global nature of the carsharing business and will affect approximately 30% of our North American staff. 

The Reason for This Decision

It is never easy and always a difficult decision to part with our valued, amazing team members. The team at Getaround is like none other. This decision was especially difficult as we’ve worked so closely together to overcome the challenges the company faced through 2023.

Getaround is committed to achieving profitability and long-term business success while staying true to our mission, keeping the best interests of our community and stakeholders in mind. This decision is expected to reduce costs and further accelerate our path to profitability. We anticipate this reduction in our workforce will result in savings of approximately $7 million on an annualized run-rate basis.

The Road Ahead

While this is challenging news, we believe the future is bright for Getaround. We have made considerable progress over the past year, including:

  • Steady and meaningful improvements in revenue growth, unit profitability, and in our overall adjusted EBITDA profile
  • Launched new A.I. systems to improve our business, such as our TrustScore A.I.
  • Restructured to lower our fixed costs, and improved our operating efficiency 
  • Deployed a powerful new global app that unifies and enables seamless trip coordination across the U.S. and Europe
  • Consolidated and expanded our leadership in carsharing for the gig economy, enabling gig workers across the U.S. to rent cars to drive for services like Uber and DoorDash

As the only carsharing marketplace that is truly global, connected, and delivering a digital user experience, and as the leader in gig carsharing, we believe Getaround is increasingly well positioned for the future.

How We Move Forward

I want to thank all those teammates who contributed to the progress we’ve made at Getaround. While we believe this is the right decision for the business, it does not diminish the challenge of letting talented colleagues go, or the gratitude we have for the dedication and professionalism of the team.

These decisions are difficult but in the best interest of Getaround and our long-term success. I take full responsibility for this decision, and I do apologize for the heartache and disruption it will cause.

As before, we remain committed to providing the necessary resources to those affected which includes:

  • Up to 12 weeks of severance, varying with tenure
  • Full benefits through the end of February 2024 along with pay for three months of COBRA coverage should they elect it
  • Promo code for $500 in Getaround credit 
  • Getaround Talent List –  an opportunity to join a networking list of Getaround alumni, which teammates can share with broader networks 

Though I understand this support does not meaningfully mitigate the loss of our valued coworkers, we will do what we can to help those leaving Getaround.

Thank you again to our current and former teammates for their invaluable contributions to Getaround and our mission to empower people to carshare everywhere.

- Sam

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