The solar inverter manufacturer is implementing these cuts to streamline operations amid declining residential solar demand, particularly in Europe
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The company is scaling back global production capacity by 20%, in response to weakening sales in key markets like China, North America & Japan
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Hegde shared on LinkedIn that the decision aligns with the company’s current focus on achieving cost efficiencies through artificial intelligence integration
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CEO Dennis Woodside emphasised that the layoffs are part of the company’s broader strategy to enhance efficiencies and refocus on core priorities
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The workforce reduction has taken place is the U.S audit division
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The restructuring has led to the layoff of dozens of employees at Yuanjing, impacting its operations in Shanghai and Hangzhou
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The job cuts will take place primarily within the automotive supply sector, tools department and BSH household appliances division
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The company has already seen significant reductions in its workforce, with more than 6,000 employees laid off since Musk’s acquisition in 2022
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In September, about 3,941 employees were laid off by 35 tech companies, while October marked a further drop, with 3,080 positions eliminated across 30 companies
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The layoffs will affect tech division, while others are in international sales and partnership roles
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