Tuesday, May 30, 2023
HomeEconomySoftBank-backed Kavak cuts jobs, plans 'significant' layoffs - internal email

SoftBank-backed Kavak cuts jobs, plans 'significant' layoffs – internal email


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Author: Valentine Hiller

Mexico City (Reuters) – Mexico Online Used Car dealership Kavak has slashed spending and laid off staff to meet the challenge 400, according to an internal email sent on Friday and seen by Reuters.

Startup CEO Carlos Garcia’s email at Kavak “slashing expenses…resizing accordingly Team size.”

The email did not specify which regions were affected by layoffs or the number of layoffs. A company spokesman confirmed that the emails had been sent but declined to provide further details.

The email states that “a complex macroeconomic environment portends challenges 52 in many sectors”, and cited rising interest rates, inflation, war and economic contraction.

“With the unpredictable months ahead, we have put the company on a faster path to profitability and made strategic decisions to redesign the resource allocation structure , substantially cut expenses and reduced team size accordingly,” the email said.

Kavak, in the country of

and acquired from SoftBank (OTC: 52SFTBY), etc., also stated in the email that “important organizational changes” will be announced. “We need to focus on doing fewer and better things right now,” Garcia said in an email, listing a 25 is designed to limit inventory, focus on Programs that focus on the most profitable lines of business, increase customer retention, and move products faster with more warranty options.

Garcia also addressed customer complaints and vowed to enhance the service: “It’s hard to reach us today and we can’t be effective on our first interaction provide the right solution. This needs to change.”



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