2023-12-21 16:17:03
After choosing in October 2022 to no longer be present in German, Swedish and Norwegian cities, the self-service electric scooter operator Bird announced this Wednesday that it was filing for bankruptcy. The rental company also withdrew from San Francisco (United States) last February. The American company, however, clarified that this procedure did not concern its branches in Canada and Europe.
The title is falling on the markets
Bird also indicated that it would continue its activity in some 350 cities. The company made its IPO in November 2021. Its valuation was estimated at $2.3 billion, or nearly 2.1 billion euros. The American company was, however, delisted from the stock market last September. The total amount of its shares had in fact experienced a dizzying fall to stand at around 15 million dollars (around 13.5 million euros).
The reason is the fierce competition between self-service electric scooter rental companies but also the multiplication of restrictions put in place by cities regarding the circulation of these machines. Many municipalities have therefore limited the use of these vehicles, or even banned it after an increase in accidents on public roads and parking not respecting the rules set.
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