PVTIME – In a filing with the US Securities and Exchange Commission, Enphase Energy, the world’s leading provider of PV inverters, has announced plans to lay off 17% of its global workforce in order to streamline its operations.
About 500 employees and contractors will be affected by the job cuts. The layoffs will be completed by the end of the first quarter of 2025.
The company expects to align its operations and workforce with current business needs, focus on cost reduction and streamline manufacturing to four sites by mid-2025. Following the restructuring, manufacturing in Guadalajara, Mexico will be closed and production will be centralised in four sites in the US, India and China.
Enphase Energy has struggled in recent years with the deteriorating residential solar market in Europe. Enphase’s share price has fallen nearly 50 percent this year due to lower electricity prices and falling demand caused by fierce competition in key markets such as the Netherlands and Germany.
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