AM I NEXT? NO LOVE AT BLINK CHARGING COMPANY

Bowie, Maryland-based Blink Charging Company, an electric vehicle charging network operator, has announced a significant workforce reduction as part of its efforts to "enhance operational efficiencies, and position the Company for sustained long-term growth and profitability in the evolving global market."

The reduction in force will impact approximately 118 employees.

According to the company's SEC filing...

"The core of this plan includes a difficult but necessary reduction of the Company’s global workforce by approximately 20%. This action is designed to streamline operations, enhance agility, and align resources with the Company’s BlinkForward strategic priorities."

These adjustments are anticipated to result in annualized savings of more than $11 million. The Company estimates it will incur between $1 million and $1.5 million of related costs, consisting of cash severance, other severance benefits, and other related restructuring costs. The workforce reduction is expected to be completed by the end of 3Q25.

President and CEO Mike Battaglia noted, "Today’s decisions, while challenging, are crucial for propelling our BlinkForward strategy and ensuring the long-term success of Blink. We are deeply grateful for the contributions of our departing colleagues and are committed to supporting them through this transition. This restructuring is a proactive step to build a more efficient and robust organization, better aligned with our strategic goals and poised to lead in the next phase of our growth. We are confident that this strategic realignment, under the banner of the BlinkForward initiative, will strengthen our competitive positioning, improve financial performance, and create a solid foundation for future innovation and market leadership."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT CHARGEPOINT

Campbell, California-based ChargePoint, an American electric vehicle infrastructure company manufacturing and operating the largest online network of independently owned EV charging stations, has announced a 15% reduction in its workforce.

Approximately 248 employees will be impacted by the personnel cuts, coming after a previous 12% reduction in force in January 2024.

The decision appears to be driven by a cost-cutting initiative as a response to declining revenues.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall; why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?

ChargePoint, worth approximately half a billion dollars, provides charging stations for electric vehicles across North America, Canada and Europe. The company reported $108.5 million in revenue during the quarter ending July 31, 2024, a 28% drop from the $150.5 million it reported the same period last year. In its recent earnings report, it also said it will incur $10 million in restructuring costs, mostly from severance payments and employee benefits.

AM I NEXT? NO LOVE AT FREEWIRE TECHNOLOGIES

Newark, California-based FreeWire Technologies, a manufacturer of ultra-fast electric vehicle chargers and energy management solutions has apparently planned to cease operations and announced the closure of its 66,000-square-foot headquarters office.

The June 24, 2024, closure will impact all 113 employees, including the company's COO, Chief Commercial Officer, Chief Legal Officer, and more than two dozen managers, vice presidents, and other senior roles. Only the company's CEO is not included in the layoff list provided to the State of California.

According to a company spokesperson, "As a company committed to transparency and open communication, we want to address recent discussions regarding FreeWire’s financial situation.

The EV market is currently facing some headwinds, and like many players in the industry, we’re navigating through these challenges. However, it’s important to note that FreeWire’s quality initiatives and production are better situated than ever before. Our dedication to quality improvement has strengthened our market position during these uncertain times.

Additional capital is necessary to further support our growth initiatives and ensure continued success. Therefore, we are actively seeking further funding, a step that aligns with strategies pursued by many companies in the industry. Meanwhile, we are continuing operations and supporting our valued customers, while making efforts to right-size the company.

We remain confident in our team, our technology, and our vision for the future of clean energy solutions. We appreciate the ongoing support of our stakeholders and partners as we work to overcome these challenges and continue to drive positive change in the EV market."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?