China's largest solar energy companies sharply cut their workforce last year. Longi Green Energy, Trina Solar, Jinko Solar, JA Solar and Tongwei collectively laid off 87,000 workers, or 31% of their total workforce.
These losses occurred due to overcapacity, falling demand, and price wars in China's solar panel production. Half of the solar panels produced globally each year go unused, and most are manufactured in China.
Experts believe the layoffs were carried out through salary cuts, reduced hours, or voluntary departures.
Since 2024, more than 40 solar companies have gone bankrupt, closed, or been sold. The industry lost $60 billion last year.
“This is unique — we are witnessing for the first time an entire industry operating at a loss for one and a half years,” said Jefferies analyst Alan Lau.
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