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China’s LONGi Group is shedding as much as 30% of its staff to speed up cost-cutting, in line with Bloomberg.
Workers discount at LONGi Group began in November 2023, and that is an acceleration of layoffs, in line with sources who had been briefed by senior administration however requested to not be recognized by Bloomberg.
LONGi’s employees numbers peaked at round 80,000 in 2023.
Nonetheless, the Xi’an-based photo voltaic panel maker disputed the 30% determine and mentioned job reductions would quantity to round 5% of its workforce. (That’s nonetheless 1000’s of jobs.)
The corporate launched a press release that mentioned, on account of fierce competitors, “With a purpose to adapt to market adjustments and enhance organizational effectivity, Longi is optimizing our workforce.”
China leads world photo voltaic manufacturing by far, and a glut of photo voltaic panels has meant that photo voltaic panel costs plummeted final 12 months, so photo voltaic panel makers have needed to promote at or under manufacturing prices. Low cost Chinese language photo voltaic panels are additionally making it exhausting for European and US photo voltaic panel makers to compete.
In response, photo voltaic firms are consolidating, and bankruptcies could also be on the horizon. Nonetheless, Bloomberg writes:
Regardless of the latest challenges, China’s photo voltaic business might begin to see a rebound byyear-end, with margins rising in 2025 primarily based on a “quickening tempo of consolidation” anda higher stability between provide and demand, in line with an evaluation by BloombergIntelligence.
In the meantime, low cost photo voltaic panels are driving demand, and new installations are booming globally. The US added a record-setting 32.4 gigawatts (GW) of photo voltaic capability in 2023.
Learn extra: US smashes photo voltaic data in 2023 – however 2024 will convey street bumps
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