Blink Charging announced on September 17, 2024, that it will lay off about 14% of its global workforce as part of a cost-reduction plan due to weaker demand for electric vehicles (EVs). This decision follows a trend in the industry, as Tesla recently revealed plans to expand its Supercharger network despite significant layoffs in its own charging department. Blink's layoffs are expected to save approximately $9 million annually and will be completed by the first quarter of 2025. CEO Brendan Jones stated that these measures are proactive to adapt to current market conditions, echoing sentiments from Tesla's leadership regarding the need to adjust to evolving market dynamics [deb36e20].
In August, Blink had already cut its annual revenue forecast and delayed its target for achieving positive adjusted EBITDA from December 2024 to 2025. As of December 2023, Blink employed 706 people and had deployed nearly 85,000 charging stations. The challenges faced by Blink highlight the broader struggles within the EV sector, where companies are grappling with fluctuating demand and the need for sustainable growth strategies. Meanwhile, Tesla's commitment to expanding its Supercharger network, despite recent layoffs, indicates a contrasting approach to navigating the current market landscape [6be93449].