Wallbox NV said it is cutting costs and laying off workers in a bid to accelerate the EV-charging company’s path to profitability.
The company said the cost cuts would be balanced between operating and personnel expenses, and would affect about 15% of the company’s workforce. The company expects to realize annualized cost savings in 2023 of about 50 million euros ($54 million) due to the changes.
In the fourth quarter, the company added more than 70 million euros in cash and working capital lines, the company said. “We invested heavily in manufacturing capacity and product innovation in 2022, which improves our long-term competitive position, and sets us up well for continued growth,” Chief Executive Enric Asuncion said. “However, as previously discussed, near-term disruptions in global supply chains have impacted EV delivery rates, and as a result, require us to better align our cost structure with the current demand environment.”