Blink Charging said on Tuesday it would lay off about 14% of its global workforce as part of a cost-reduction plan, as the electric vehicle charging equipment maker tackles weaker demand.
Higher borrowing costs and a growing consumer preference for gasoline-electric hybrids have dampened EV sales, putting pressure on makers of both electric vehicles and the associated charging infrastructure.
Blink's job cuts would result in annualized savings of about $9 million and would be completed in the first quarter of 2025, the company said in a statement.
https://finance.yahoo.com/news/blink-charging-cut-14-global-204350713.html