Helbiz announces discontinuation of operations in non-profitable markets

New york--( business wire )--helbiz (nasdaq: hlbz), a global leader in shared electric micro-mobility, announced today that it will be discontinuing operations in non-profitable or cash-positive markets by spring 2023. the decision was reached following a comprehensive review of the company's operations and a determination that certain markets do not possess the necessary conditions for profitability in the near term. the review revealed that these markets are characterized by a lack of robust regulatory frameworks, high levels of competition, an oversupply of vehicles, and overcrowded streets - all of which impede the company's ability to achieve profitable margins.
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