China’s Longi to cut nearly one-third of staff, Bloomberg News reports

By Thomson Reuters Mar 18, 2024 | 5:23 AM

(Reuters) – China’s Longi Green Technology Energy, the world’s largest solar manufacturer, is cutting nearly one-third of its staff as a cost-saving measure, Bloomberg News reported on Monday, citing people familiar with the matter.

The report said Longi’s staff last year totalled about 80,000. Longi’s website says the company had 60,601 employees as of April 2023.

An official in Longi’s investor relations’ office declined to comment to Reuters.

Global overcapacity and plunging prices for solar cells have forced manufacturers to sell at or below production costs.

Officials speaking at a meeting of the China Photovoltaic Industry Association (CPIA) last month said falling prices have led companies to cancel or pause planned investments and lay off workers.

(Reporting by Rishabh Jaiswal in Bengaluru; Colleen Howe in Beijing and Beijing newsroom; Editing by Varun H K, Kirsten Donovan)