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.”