(Reuters) -Electric vehicle charging equipment maker Blink Charging ( BLNK ) said on Tuesday it would lay off about 14% of its global workforce, as part of a cost reduction plan.

The job cuts would result in annualized savings of about $9 million and would be completed in the first quarter of 2025, the company said in a statement.

"The timing of these cost-cutting measures, as indicated in our last earnings announcement, is a proactive step to adapt to current market conditions while preserving our long-term strategy," CEO Brendan Jones said.

In Aug., the company had cut its annual revenue forecast and pushed back its timeline to achieve positive adjusted EBITDA to 2025 from Dec. 2024.