SolarEdge Technologies announced a restructuring plan that includes workforce reduction designed to reduce operating expenses and align its cost structure to current market dynamics. The workforce reduction impacts approximately 16% of the SolarEdge global workforce, or approximately 900 employees, of which approximately 500 are from the company’s various manufacturing sites. The reduction follows measures which the company has already taken to align with current market conditions, including discontinuation of manufacturing in Mexico, reduction of manufacturing capacity in China, and termination of the company’s light commercial vehicle e-mobility activity. Further detail will be provided in the company’s end-of-year earnings release which is expected to be released by the end of February 2024.
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