In an effort to lower operational expenses, SolarEdge Technologies said on Sunday that it will be laying off around 16% of its global personnel.
This cut, which would impact about 900 workers, comes after the company terminated its light commercial vehicle e-mobility business, stopped manufacturing in Mexico, and reduced its manufacturing capacity in China.
“We have made a very difficult, but necessary decision to implement a workforce reduction and other cost-cutting measures in order to align our cost structure with the rapidly changing market dynamics,” CEO Zvi Lando said in a statement.
Due to low demand for its solar inverters, the renewable energy company lowered its revenue projections for the fourth quarter in November.
The last year has seen a slowdown in the growth of solar in Europe as a result of high stockpiles and declining demand. In contrast, there is less demand for solar in the US as a result of reduced interest rates and a metering reform in California, the largest solar market in the US.
