The car-sharing service, SPAC Getaround, has announced a 10% reduction in staff due to the economic impacts of the COVID-19 pandemic.

Getaround, which was acquired by SoftBank-backed SPAC in February, has been a leader in the car-sharing industry since its launch in 2011. The company has been a major player in the on-demand economy, allowing users to rent cars from owners in their local area.

The pandemic has had a major impact on the car-sharing industry, with many people opting to avoid public transportation and rental cars. This has led to a significant decrease in demand for Getaround’s services, prompting the company to make the difficult decision to reduce its workforce.

In a statement, Getaround CEO Sam Zaid said, “The economic impacts of the pandemic have been far-reaching and have had a significant impact on our business. We have had to make the difficult decision to reduce our workforce by 10%, and we are deeply saddened by the impact this has had on our employees.”

Getaround has also taken other measures to reduce costs, including cutting executive pay and instituting a hiring freeze. The company is also exploring new business opportunities, such as offering its services to businesses and government agencies.

It remains to be seen how the car-sharing industry will be affected by the pandemic in the long-term. However, Getaround’s decision to reduce its workforce is a sign of the difficult times ahead for the sector.

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