California-based charging solutions manufacturer ChargePoint announced the intention to cut its global workforce by about 12%, as part of “a strategic reorganization designed to improve financial performance and position itself for long-term, sustainable growth”, as stated in an official note.

ChargePoint (that in 2021 has taken over e-bus telematics specialist Viriciti) has been selected by Iveco Bus for a partnership that sees Iveco Bus offering ChargePoint’s fleet software portfolio to its European customer base.

In the official note released we read that “ChargePoint maintains a strong financial position with approximately $397 million in cash, cash equivalents and restricted cash on the Company’s balance sheet at the end of the third quarter of fiscal year 2024, with access to an additional $150 million through a revolving credit facility, which remains undrawn”.

ChargePoint cutting workforce. CEO Rick Wilmer speaking

The reorganization is expected to lead to approximately $14 million in restructuring charges. ChargePoint expects the action to result in annual operating expense savings of approximately $33 million. “As part of a comprehensive business evaluation in my new position as CEO, today we have taken the difficult decision to reorganize our global workforce,” said Rick Wilmer, President and CEO of ChargePoint. “After a thorough review of our business strategy and product roadmap, we are heightening our focus on execution, operational excellence, and improved efficiencies while we continue with our industry-leading innovation.”

Highlights

*VIDEO TEST DRIVE* On the road with the new generation Temsa Prestij

We had an exclusive opportunity to test drive the new Temsa Prestij, the compact tourist coach that the Turkish manufacturer Temsa will officially launch at Busworld Europe 2025 in Brussels. First introduced in 1992, this model has sold nearly 20,000 units worldwide. The updated Prestij, announced i...

Related articles