EV charging stocks fall after Wallbox’s job-cut announcement

Shares of electric vehicle charging companies fell ahead of Thursday’s open, after Wallbox N.V.
WBX,
-4.80%
said it was cutting about 15% of its workforce to reduce costs. Shares of Wallbox lost 1.8%, Blink Charging Co.
BLNK,
-7.32%
shed 2.6%, ChargePoint Holdings Inc.
CHPT,
-10.65%
slid 3.2%, EVgo Inc.
EVGO,
-10.23%
dropped 3.1% and Volta Inc.
VLTA,
-2.81%
gave up 2.8%. Elsewhere, shares of EV market leader Tesla Inc. slumped 2.6%, while futures
ES00,
+0.10%
for the S&P 500
SPX,
-0.76%
slipped 0.8%. Wallbox said the job cuts come as disruptions in global supply chains hurt EV delivery rates. The company said, however, that after boosting its cash pile in the fourth quarter, it expects to “accelerate its path to profitability” by nearly one year.