AYRO Cuts ‘Substantial Number’ of Jobs in Restructuring

1 min read

By Ben Glickman

Electric-vehicle maker AYRO has cut a “substantial number” of jobs in an internal restructuring, the company said in a regulatory filing.

Round Rock, Texas-based, AYRO said in a filing Thursday that the cuts made on Wednesday were to, “achieve greater efficiency.” It’s also re-evaluating its sales, marketing and manufacturing. AYRO said management was still committed to attempting to develop and commercialize its low-speed EV, called the AYRO Vanish.

The company said it believes the restructuring will reduce its burn rate. Ayro had cash, cash equivalents and marketable securities of about $47.9 million as of Sept. 30.

Write to Ben Glickman at [email protected]

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