By Harshita Meenaktshi
(Reuters) – SolarEdge Technologies said on Sunday that it would lay off about 16% of its global workforce as it tries to reduce operating costs.
The reduction, which would affect roughly 900 employees, follows the firm’s discontinuation of manufacturing in Mexico, reduction of manufacturing capacity in China, and termination of light commercial vehicle e-mobility activity.
“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.
The renewable energy firm trimmed its fourth-quarter revenue expectations in November on weak demand for its solar inverters.
Growth for solar in Europe has slowed in the last year 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.
