Ford's e-scooter rental company Spin to fire 25% of its employees

Spin, the electric scooter rental company acquired by Ford Motor in 2018, will lay off 25% of its employees, as it pulls out of open permit markets. "We are offering affected employees severance packages and an additional stipend," Spin CEO Ben Bear said. The dynamics of open permit markets make it difficult to identify a path to profitability, he added.