- Longi Green Technology Energy is reducing nearly one-third of its staff.
- Global overcapacity and increasing prices for solar cells have forced manufacturers to sell at or below production costs.
Bloomberg reported that the world’s largest solar manufacturer, China’s Longi Green Technology Energy, is reducing nearly one-third of its staff as a cost-saving measure on Monday, March 18.
The report said Longi’s staff totalled about 80,000 last year. Longi’s website says the company had 60,601 employees as of April 2023.
Global overcapacity and increasing prices for solar cells have forced manufacturers to sell at or below production costs.
Officials speaking at a meeting of the China Photovoltaic Industry Association (CPIA) last month said falling prices have led companies to cancel or pause planned investments and lay off workers.