Daisy Watts
Jan 22, 2024
In line with its aim to reduce operating costs, SolarEdge Technologies decided to fire around 16% of its global workforce, which means the jobs of approximately 900 employees are at risk.
The move was announced a few days after the company discontinued manufacturing in Mexico, reduced manufacturing capacity in China and terminated light commercial vehicle e-mobility activity.
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SolaEdge Technologies CEO Zvi Lando, in a statement released in this regard, said: “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.”
In November 2023, owing to weak demand for its solar inverters the renewable energy company slashed its fourth-quarter revenue expectations.
It should be noted that growth for solar in Europe has slowed in 2023 due to excess inventories and weakening demand. While in the United States, higher interest rates and a metering reform in California, the country's largest solar market, have led to lower demand for solar.
