China's Longi Green Technology Energy, the world's largest solar manufacturer, is planning to cut up to 30% of its workforce, which amounts to thousands of job cuts. The company, which grew from 4,000 employees in 2012 to 80,000 last year, is facing shrinking profits in a competitive market. The layoffs are part of an effort to slash costs due to overcapacity and fierce competition in the solar industry. The job cuts at Longi are expected to speed a global rebalancing of production capacity away from China, with Chinese firms increasingly looking to move capacity offshore.
#China: Chinese Solar Manufacturer Cancels $1.3 Billion Factory https://t.co/q6Q5oos4pd
With EV production being reduced by VW, investment moving away from Wind Turbine projects and now layoffs in Solar…it’s almost like we aren’t buying the green energy grift... World's Largest Solar Manufacturer Longi Is Cutting Jobs Bloomberg sources say China's Longi Green… https://t.co/nGPh9P2lAj
Longi, one of the world's largest solar manufacturers, says reporting that it plans to lay off 30% of its staff is "false" Longi says it's more like 5% HT my colleague @_AN_Patel https://t.co/EpdjEow565 https://t.co/mCEvLr3gYl
Solar giant Longi Green Energy Technology plans to cut about 5% of its workforce, marking a reversal after years of rapid expansion by Chinese firms that made China the center of global solar manufacturing. https://t.co/XM4plju6ml
Longi Layoffs Speed Shift in Solar Production Away From #China Most of the job cuts will likely be in China, says Daiwa’s Ip Chinese firms increasingly looking to move capacity offshore https://t.co/kjnyYohf5j
Layoffs at Longi, the biggest solar manufacturer in China and the world, will speed a global rebalancing of production capacity away from Asia’s largest economy https://t.co/c3uRLwmOOQ
#China’s Longi Green Technology Energy Co. — the world’s largest solar manufacturer — is cutting almost one-third of its workforce as it tries to slash costs in an industry struggling with overcapacity and fierce competition. https://t.co/KMctPLnffz
World's largest solar panel maker to slash thousands of jobs https://t.co/nb12gYQm9E by @michelle0728
World’s largest solar manufacturer to cut one-third of workforce https://t.co/rORHT8fszp
China's Longi to cut nearly one-third of staff, Bloomberg News reports https://t.co/PPSGkvm2b0 https://t.co/u0Y4jz3HMP
"World’s Top Solar Firm Longi Plans Thousands of Job Cuts on Glut" https://t.co/i0KsbwOLwU https://t.co/aVeqtSXcLB
🇨🇳World’s Top Solar Firm Longi Plans Thousands of Job Cuts on Glut (Bloomberg) https://t.co/DPyOxMCzNz
World’s Top Solar Firm Longi Plans Thousands of Job Cuts on Glut *Up to 30% of approx. 80,000 workforce could go > @business SCOOP https://t.co/oTpqXlWCon
Longi grew from 4,000 employees in 2012 to 80,000 last year as solar companies raced to capture the lion's share of a growing market. With profits shrinking, it's now set to lay off as much as 30% of its workforce. Great @luzdingyu scoop. https://t.co/xHq3Gkw6Ep
WORLD'S TOP SOLAR FIRM LONGI PLANS THOUSANDS OF JOB CUTS, UP TO 30% OF ITS WORKFORCE. -Bloomberg #China #photovoltaic
The world’s largest solar manufacturer, China’s Longi Green Technology Energy, will cut up to 30% of its workforce https://t.co/HeJNNqMWEc