Better Place to lay off development workers

The electric car company will focus less on development and more on marketing and sales.

Better Place, of the Israel Corporation (TASE: ILCO) group, is to lay off dozens of workers from its development division. This follows slows sales and and the change of CEO, and a change in strategy whereby the company will focus less on development and more on marketing and sales. Better Place employees 400 people in Israel and dozens more in Australia, Denmark and Holland.

Better Place will also cut the workforce in its infrastructure division, since it has almost completely finished deploying its battery charging and exchange infrastructure in Israel.

Evan Thornley recently replaced Shai Agassi as CEO of Better Place.

Earlier this month, Better Place approached its shareholders with a request for an immediate injection of capital. It is estimated that the company seeks to raise $130-140 million. Israel Corporation is the largest shareholder in Better Place, with a 32% stake. Better Place lost $130 million in the first half of this year. Altogether, $700 million have been invested in the company.

Published by Globes [online], Israel business news - www.globes-online.com - on October 28, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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