According to NyTeknik, Einride has raised close to SEK 3 billion since its inception, but despite this, the company has been struggling with liquidity issues. In 2023, Einride reported a loss of just over SEK 1.3 billion. The company’s CEO, Robert Falck, reportedly appealed to investors for additional funding over the summer, Breakit revealed.
In light of these financial challenges, Falck announced a savings package to adjust the company’s pace of expansion and restructure its organisation. While the exact number of employees affected was not disclosed, Einride had 462 employees at the end of 2023, NyTeknik reported.
Sources also indicate that members of the management team may be impacted, with key responsibilities shifting to Falck and co-founder Kornehed Falck.
“It is tough to make decisions like this that affect driven and talented employees on a professional and personal level. However, these measures are necessary to secure Einride’s long-term success,” Falck commented on the situation to NyTeknik.
In a previous report from late August, Bloomberg noted that Einride had reached out to investors, requesting at least $20 million to address short-term financing needs. The company is said to be working with both new and existing investors to secure its competitive position amidst a difficult market climate. However, whether the requested funding has been secured remains unclear.