Wallbox (NYSE:WBX) layoffs are on the way as the EV charging company lays out plans to reduce costs.
According to a press release, the Wallbox layoffs will affect 15% of its employees. The company notes the job cuts will be balanced between its operating and personnel expenses. It also expects 50 million euros in annual savings as a result of the layoffs and other cost cuts.
Wallbox notes the job cuts are part of an effort to better align with its 2023 guidance. The company attributes these changes to global supply chain issues. These have affected EV delivery rates, which also affects its own business.
Enric Asuncion, co-founder and CEO of Wallbox, said the following about the layoffs:
“We do not make these decisions lightly. We will work hard to minimize the impact to all those affected and we sincerely thank them for their contributions. 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.”
WBX KLayoffs Stock Reaction
WBX stock isn’t doing well today, but also isn’t seeing heavy trading on the news. As of this writing, some 179 million shares have changed hands. That’s still below its daily average trading volume of about 434,000 shares.
WBX stock is down 7.6% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.