Wallbox implementing 15% workforce reduction

Wallbox announced measures to reduce costs to better align with its 2023 full year guidance. Reductions are balanced between operating and personnel expenses and will impact approximately 15% of the workforce. The company expects the changes to result in annualized cost savings for 2023 of approximately EUR50M. In Q4, the company also added more than EUR70M in cash and availability under working capital lines. As a result of these steps, the company anticipates to accelerate its path to profitability by almost one year. Enric Asuncion, Co-founder and CEO, said: "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. 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."