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.
