World’s largest solar panel maker to cut thousands of jobs

China’s LONGi Group has reported that it will lay off up to 30% of its employees to accelerate cost reductions. bloomberg.

LONGi Group’s job cuts will begin in November 2023, marking an acceleration of job cuts, said the people, who spoke on the condition of anonymity after being briefed by senior management. bloomberg.

The number of employees at LONGi reached approximately 80,000 in 2023.

However, the Xi’an-based solar panel maker disputed the 30% figure, saying the job cuts amounted to about 5% of its workforce. (There are still thousands of jobs available.)

In response to intense competition, the company said in a statement that “Longhi is optimizing its workforce to adapt to market changes and improve organizational efficiency.”

China is by far the world’s leading producer of solar power, and an oversupply of solar panels caused solar panel prices to plummet last year, forcing solar panel manufacturers to sell for less than the cost of production. Ta. Cheap solar panels made in China are also making it difficult for solar panel manufacturers in Europe and the United States to compete.

In response, solar companies are consolidating and bankruptcy may be on the horizon. but, bloomberg write:

Despite recent challenges, China’s solar power industry
Profit margins are expected to rise in 2025 based on an “accelerated pace of integration” at the end of the year.
According to Bloomberg analysis, the balance between supply and demand is improving.
Intelligence.

Meanwhile, inexpensive solar panels are driving demand, and new installations are rapidly increasing worldwide. The United States added a record 32.4 gigawatts (GW) of solar capacity in 2023.

read more: US to break solar power record in 2023 – but challenges expected in 2024

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