Blink Charging to Cut 14% of Global Workforce

Blink Charging's plan to cut 14% of its global workforce highlights significant challenges in the electric vehicle market, driven by rising borrowing costs and consumer preference shifts toward hybrids. This move aims to save about US$9 million annually and reflects the company’s response to declining demand. Set for completion by early 2025, the layoffs follow similar cutbacks by Tesla, indicating broader pressures on EV infrastructure providers, reports Reuters. 

The planned layoffs are expected to result in annualized savings of around US$9 million and will be implemented by the end of 1Q25. Brendan Jones, CEO, Blink Charging,  stated that these cost-cutting measures are a proactive approach to adapt to current market conditions while maintaining the company’s long-term strategy.

In recent months, Blink has faced challenges in the EV market, leading to a reduction in its annual revenue forecast. The company also pushed back its target for achieving positive adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) from December 2024 to 2025. In May, Tesla similarly laid off employees within its vehicle charging business, signaling broader industry pressures.

As of December 2023, Blink Charging, headquartered in Bowie, Maryland, employed 706 people and has sold, contracted, or deployed nearly 85,000 charging stations globally, writes Reuters.