Getaround abruptly shuts down US car-sharing operations

Core Insights - Getaround is shutting down its U.S. operations after previously cutting 30% of its North American workforce, focusing instead on its European business [1][2][4] - The company has faced significant financial challenges, including a lack of liquidity, leading to the decision to cease U.S. operations [7] Company Overview - Getaround, founded in 2009, raised over $750 million from notable investors, including a $300 million round led by Softbank Vision Fund [3] - The company expanded into Europe through acquisitions, including Drivy and Nabobil in 2019, and went public in 2022 via a SPAC merger [4] Operational Changes - The board approved an "orderly wind down" of U.S. operations, resulting in layoffs and an estimated charge of $1.5 million to $2 million [5] - Customers were notified to return rentals by the end of Wednesday to avoid liability issues, with the company canceling all future U.S. rentals [2][6] Leadership Statements - Interim CEO AJ Lee described the decision to shut down U.S. operations as incredibly difficult, citing ongoing liquidity issues despite restructuring efforts [7]