Longi layoffs: World's largest solar manufacturer letting go 5% of employees

Longi layoffs: It was earlier reported that Longi plans to cut nearly one-third of its staff as a cost-saving measure.

China's Longi Green Technology Energy, world's largest solar manufacturer, said that it will lay off about 5% of its employees. The company said as per news agency Reuters, “Currently, the solar photovoltaic industry is facing an increasingly complex and competitive environment. In order to adapt to market changes and improve organizational efficiency, the company is optimising our workforce.”

Longi layoffs: Longi clarified that online information and reports about the company's plans to lay off 30% of its employees are all false. (Reuters)

Although the company clarified that online information and reports about the company's plans to lay off 30% of its employees are all false after Bloomberg news reported that Longi plans to cut nearly one-third of its staff as a cost-saving measure, citing people in the know.

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

This comes as solar manufacturers have been forced to sell at or below production costs amid global overcapacity as solar cell prices have plunged. Officials at a China Photovoltaic Industry Association (CPIA) meeting last month said that the fall in prices have led companies to cancel or pause planned investments and lay off workers, it was reported.