Over the last few years, all-electric cars have become increasingly popular. Luckily, it’s also easy for people to find a public electric charger when they need one. ChargePoint has been a major part of the infrastructure growth as it’s the biggest company in EV charging. However, layoffs are coming as ChargePoint has failed to meet its revenue goals. 

ChargePoint is the most prominent company in chargers for all-electric cars

ChargePoint may have the biggest network of chargers for all-electric cars, but things aren’t looking good. According to Yahoo Finance, the company is cutting its workforce by 15 percent. As mentioned, the company failed to meet its revenue goals and must act before things worsen. 

According to reports, these unfortunate layoffs will save ChargePoint about $41 million in operating costs. Natually, the company hopes to make this transition without changing the experience of people with all-electric cars being able to find an electric charger. As always happens after these announcements, the company’s shares fell by about 8.8 percent because of the layoffs. 

Sadly, this isn’t the first time ChargePoint has had a workforce reduction. In September 2023, the company laid off 168 employees, which was about 15% of its workforce. The company also let about 223 people go in January of this year despite its growing network of chargers for all-electric cars. 

This news comes after ChargePoint announced it would begin using AI to diagnose and fix issues with its electric charger network. The new technology means many repairs can be done remotely, which decreases charger downtime. Drivers can even submit issues with chargers through their ChargePoint apps.