05:21 PM EDT, 09/17/2024 (MT Newswires) -- Blink Charging ( BLNK ) said late Tuesday it plans to cut global jobs by 14% to reduce costs by $9 million annually.

The cuts will begin immediately and be completed in Q1, the company said.

Blink Charging ( BLNK ) said the move will streamline "functions across the company."

"We believe the current economic and market challenges facing the EV industry are temporary," Chief Executive Officer-elect Michael Battaglia said in a statement.