SolarEdge Applied sciences mentioned on Sunday that it could lay off about 16% of its international workforce because it tries to scale back working prices.
The discount, which might have an effect on roughly 900 workers, follows the agency’s discontinuation of producing in Mexico, discount of producing capability in China, and termination of sunshine business automobile e-mobility exercise.
“We’ve got made a really tough, however vital resolution to implement a workforce discount and different cost-cutting measures in an effort to align our price construction with the quickly altering market dynamics,” CEO Zvi Lando mentioned in an announcement.
The renewable power agency trimmed its fourth-quarter income expectations in November on weak demand for its photo voltaic inverters.
Development for photo voltaic in Europe has slowed within the final 12 months as a consequence of extra inventories and weakening demand. Whereas in the US, greater rates of interest and a metering reform in California, the nation’s largest photo voltaic market, have led to decrease demand for photo voltaic.
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Printed: 21 Jan 2024, 11:13 PM IST
Supply: Live Mint