Nuro: excessive operating costs force layoffs

Nuro: excessive operating costs force layoffs

22. November 2022 0 By Horst Buchwald

 

Nuro: excessive operating costs force layoffs

 

San Francisco, 11/22/2022

 

 

Driverless delivery vehicle maker Nuro will lay off 20% of its workforce after a period of rapid growth.

 

The layoffs will affect about 300 employees, who will be offered 12 to 14 weeks’ severance – according to an email one of the founders sent to those affected.

 

 In the email, the company’s co-founders said the layoffs were necessary after management exhausted all other options.

 

 As of 2021, Nuro significantly increased its operating costs and doubled its workforce in less than two years during a strong fundraising environment, they said.

  The startup is now forced to cut costs in a broader macroeconomic environment. It currently has more than $1 billion on its balance sheet.

 

In January, the company unveiled its third-generation driverless delivery vehicle. The sleek battery-electric vehicle uses lidar, cameras, radar and thermals to navigate the streets and deliver goods at a top speed of 45 mph.

  In November, Nuro announced a $600 million funding round led by Tiger Global Management, giving the company a valuation of $8.6 billion.

 

 

 

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