Blink Charging to cut 14% of global workforce as part of cost-cutting plan Reuters

(Reuters) – Electric vehicle charging equipment maker Blink Charging (NASDAQ: ) said on Tuesday it would lay off about 14 percent of its global workforce as part of a cost-cutting plan.

The job cuts would result in annual savings of about $9 million and will be completed in the first quarter of 2025, the company said in a statement.

“The timing of these cost-cutting measures, as indicated in our latest earnings announcement, is a proactive step to adapt to current market conditions while maintaining our long-term strategy,” said CEO Brendan Jones .

In August, the company cut its annual revenue guidance and pushed back its timeline to achieve positive adjusted EBITDA by 2025 from December 2024.