San Francisco-based micro-mobility company Lime has announced its withdrawal from 12 cities around the world due to lack of profitability.
Affected markets include Atlanta, Phoenix, San Diego and San Antonio in the USA; Linz, Austria in Europe; and Bogotá, Buenos Aires, Montevideo, Lima, Puerto Vallarta, Rio de Janeiro and São Paulo in Latin America.
Brad Bao, Lime chief executive and co-founder, said via a press release: “Part of realising our vision to transform urban mobility is achieving financial independence; that is why we have shifted our primary focus to profitability.
“While the vast majority of our 120+ markets have adopted micro-mobility transportation solutions quickly and are profitable, there are select communities throughout the world where micro-mobility has evolved more slowly.
“For this reason, we have made the difficult decision to close 12 markets across the globe at this time
The withdrawal is not without job losses. According to the BBC, a spokesperson for Lime said that 14% of its workforce would be laid off.
“To our full-time and temporary employees and our Juicers, many of whom have been with us every step of the way – thank you. We know that this decision impacts your lives and families…” the press release said.
