Now that it is about to complete its first decade of trajectory, Wallbox has surpassed in 2024 one million electric vehicle chargers sold worldwide since the beginning of its operations. The Catalan multinational, founded in 2015, closed last year with a turnover of 163 million euros, 14% more than the previous year. With this progression, the company aims to achieve profitability this year.
However, the company recorded losses worth 131 million euros, above the 106 million of the previous year, due to the "slowdown in the electric vehicle market," as stated by Enric Asunción, CEO and founder of the company, which has been listed on the New York Stock Exchange since 2021. However, Asunción has stressed that Wallbox has grown more than the electric car market has: while vehicle sales have increased by 6%, the charger company has done so by 14%.
Precisely the US market is one of the main ones for Wallbox, which last year saw its revenues in North America increase by 41%. Sales, moreover, have been increasing throughout the year, and in the last quarter, it registered a year-on-year growth of 64% in North America. Currently, sales in the United States represent around 25% of Wallbox's total.
The company assures that it is in a position to "move towards profitability"Faced with the halt in initial sector forecasts, which has led to a "challenging year for the industry,"Wallbox has also worked to optimize its operating expenses,that have been reduced by 11% year-on-year. To achieve this, it has taken measures such as the dismissal of some 300 workers, 35% of the workforce. "We have known how to adapt and we are convinced that we have all the elements to drive profitable and sustained long-term growth," Asunción defended.
"Today we operate more efficiently and, with the optimization measures we are implementing, we will be able to move towards profitability, regardless of revenue growth," the company's founder remarked. Asunción has predicted that in 2025 there may still be some volatility in electric vehicle sales, but has guaranteed that "the long-term growth of the sector is undeniable."
Despite the fact that the consolidation of the electric vehicle may not be imminent, "Wallbox is prepared to face this scenario," Asunción assured. To this end, during 2024 the multinational has not only expanded its business and products and optimized costs, but has also "closed strategic alliances and secured additional financing."
It has done so with operations that have added some 43 million euros from strategic shareholders throughout 2024. To these are added the 9.5 million euros more that it raised in February, in a round that included Iberdrola, through its subsidiary Inversiones Financieras Perseo. Now, Asunción assures that they do not plan to promote new operations to raise more capital, and the company faces 2025 with the forecast that turnover will be between 34 and 37 million euros in the first quarter. All with one goal: "Our objective is to be profitable before the end of 2025, even with income levels similar to current ones."
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