Bolt.Earth Faces Layoffs and Division Closures Amid Financial Strain

Financial Strain:

Bolt.Earth faces financial pressure, leading to its second round of restructuring within four months.

Workforce Reduction:

Approximately 40%-60% of employees are laid off, primarily affecting product and tech teams.

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:

Revos Auto Tech Pte. Ltd, Bolt.Earth's parent company, experiences significant revenue growth but also substantial losses in FY23.

Commitment to Clean Energy:

Despite setbacks, Bolt.Earth remains committed to providing clean energy solutions amidst the evolving landscape of EV adoption.

Revenue Surge:

Bolt.Earth reports substantial revenue growth in FY24, despite facing financial challenges.

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