Transportation

Carvana to lay off 2,500

Image courtesy of Carvana.

May 11, 2022

Carvana Co., an e-commerce platform for buying and selling used cars online that offers a car vending machine, plans to lay off about 2,500 employees, representing about 12% of the total, in an effort to return to profitability after missing expectations for three consecutive quarters, according to a Yahoo Finance report.

Shares have fallen more than 50% since the company raised $1.25 billion in an equity offering in April.

The company also plans to move operations away from its Euclid, Ohio inspection center and a few logistics hubs.

The executive team will forego their salaries for the rest of the year.