Shares of Wallbox N.V. WBX slumped 1.8% in premarket trading Thursday, after the Spain-based electric vehicle charging systems company cost-reduction program that includes cutting about 15% of its workforce. That implies about 116 employees will be laid off, as the company has about 775 employees, according to FactSet data. The company expects the cost cuts to result in savings of EUR50 million ($54.1 million) a year. “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,” said Chief Executive Enric Asunción. “However, as previously discussed, near-term disruptions in global supply chains have impacted EV delivery rates, and as a result, require us to better align our cost structure with the current demand environment.” The stock has tumbled 37.1% over the past three months through Wednesday, while the S&P 500 SPX has gained 6.3%.
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