Sunways wants to lay off 40%

Recently, according to foreign media reports, Sunways is trying to reduce losses, the company has also announced restructuring measures, including company-wide layoffs of 40%, corresponding but unspecified cuts in production and assembly of photovoltaic inverters.

A total of 265 employees of Sunways Group will be affected by this reorganization, and this restructuring aims to make the company return to balance.

LDK, which owns a majority stake in Sunways, also faces severe financial problems.

After its preliminary reorganization announcement, Sunways further provided information on cost-saving actions and its business restructuring. This information has been coordinated with major shareholder LDK Solar.

Sunways said that after cutting solar cell production, the company will fully commit to the production of custom and special batteries for the BIPV market and the automotive market. The production of solar cells for standard components will be completely stopped.

Given Sunways' low battery plant utilization in Arnstadt, Germany, the plant will also serve as a photovoltaic inverter service center and solar module service provider.

As outlined earlier in the plan, the company will focus on developing inverters for energy storage and management systems after LDK participation. As components will be strengthened, LDK's plan is to make the market inverter part of the system solution.