Turo Withdraws IPO Plans Amid Industry Challenges

Turo announced the withdrawal of its IPO plans, concluding a three-year effort to take its car-sharing platform public. This decision follows a series of challenges, including a slowdown in growth and a devastating public image hit after vehicles rented through Turo were involved in high-profile attacks. As of September 2024, Turo operates with 150,000 active hosts and 350,000 vehicle listings worldwide, but revenue growth has decelerated to 8.6%, significantly below the $879.7 million reported in 2022. The halt in IPO plans comes just after competitor Getaround exited its U.S. operations, highlighting the volatility in the online car-sharing industry. Despite being profitable since 2022, Turo's financial performance has not returned to its previous heights, necessitating a reevaluation of its public market ambitions. The company's story underscores the unpredictability faced by innovators in rapidly evolving markets.