Getaround plans cost savings of $25M-30M; reduces workforce by 10% (NYSE:GETR)

Getaround (NYSE:GETR) will streamline operations and reduce costs to achieve a leaner path to profitability.

These changes also include a workforce reduction, effective immediately, that impacts ~10% of current staff.

The restructuring plan also includes significant reductions to other operating expenses, including reducing the company’s contract workforce, and outside professional services.

This could take down company’s operating expenses and result in cost savings of between $25M-30M on an annualized run-rate basis.