"Longi, World's Largest Solar Company, to Cut Thousands of Jobs Amid Price Drop"
China's LONGi Group, the world's largest solar panel maker, is set to lay off up to 30% of its workforce to streamline operations and cut costs amid fierce competition and plummeting solar panel prices. The company disputes the 30% figure, stating that job reductions will amount to around 5% of its workforce. The global solar market is experiencing a glut of panels, leading to intense competition and forcing companies to sell at or below production costs. Despite the challenges, China's solar industry may see a rebound by year-end, with a projected rise in margins in 2025 due to consolidation and a better balance between supply and demand.