Bolt.Earth Faces Layoffs and Division Closures Amid Financial Strain
Financial Strain:
Financial Strain:
Bolt.Earth faces financial pressure, leading to its second round of restructuring within four months.
Workforce Reduction:
Workforce Reduction:
Approximately 40%-60% of employees are laid off, primarily affecting product and tech teams.
Core Business Focus:
Core Business Focus:
The company shifts focus to its charging network, resulting in the closure of its OS and fleet management system divisions.
Parent Company Performance:
Parent Company Performance:
Revos Auto Tech Pte. Ltd, Bolt.Earth's parent company, experiences significant revenue growth but also substantial losses in FY23.
Commitment to Clean Energy:
Commitment to Clean Energy:
Despite setbacks, Bolt.Earth remains committed to providing clean energy solutions amidst the evolving landscape of EV adoption.
Revenue Surge:
Revenue Surge:
Bolt.Earth reports substantial revenue growth in FY24, despite facing financial challenges.
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