China's largest solar energy companies sharply reduced their workforce last year. This was reported by Zamin.uz.
Longi Green Energy, Trina Solar, Jinko Solar, JA Solar, and Tongwei companies laid off a total of 87,000 workers, which is 31 percent of the total workforce. These changes occurred due to excess capacity in solar panel production, a decrease in demand, and price competition.
More than half of the solar panels produced globally each year remain unused, and most of them are manufactured in China. Experts note that the layoffs were carried out through reduced wages, shortened working hours, or voluntary departures.
Since 2024, more than 40 solar energy companies have gone bankrupt, closed, or been sold to other companies. The industry suffered approximately $60 billion in losses last year.
Jefferies analyst Alan Lau assessed this situation as a unique event for the industry, emphasizing that it is the first time in a year and a half that the entire industry has been operating at a loss. This situation indicates the need for profound changes and restructuring in the solar energy sector.
