SunPower Announces Mass Layoff as it Ceases Residential Installations

By Giuliano De Leon

Apr 24, 2024 03:45 PM EDT

SunPower, one of the largest residential installers in the United States, announced a mass layoff that will affect thousands of its employees.

SunPower Announces Mass Layoff As It Ceases Residential Installations
Roger Garbey, from the Goldin Solar company, installs a solar panel system on the roof of a home a day after the Trump administration announced it will impose duties of as much as 30 percent on solar equipment made abroad.
(Photo : Joe Raedle/Getty Images)

The clean energy company confirmed this as it ceased its residential solar installations. Once the company completes its latest terminations, its workforce is expected to be decreased by 25%.

SunPower Announces Mass Layoff

Electrek reported that SunPower will lay off over 1,000 employees. The solar installation firm's Principal Executive Officer, Tom Werner, confirmed this in an email.

The official explained that SunPower needs to lay off employees and decrease residential solar installations to achieve financial viability.

"[W]e are winding down our SunPower Residential Installation (SPRI) locations and closing SunPower Direct sales," said Werner.

"We are also reducing our workforce to better align our business with our new focus. With this shift, we will reduce our workforce by approximately 1,000 people in the coming days and weeks," he added.

Read Also: Tesla Stock Plummets Following Elon Musk's Memo Announcing 10% Global Workforce Layoff

SunPower Ceases Residential Installations

According to Yahoo Finance's latest report, SunPower plans to decrease its residential installation locations. Aside from this, the American clean energy firm will also close its direct sales unit to transition to a low-fixed-cost model.

Previously, SunPower's shares increased by as much as 6.6%. Unfortunately, these gains were surrendered as its stocks were trading down at 2.3% on Wednesday, Apr. 24.

SunPower's decisions to cut its workforce and residential solar installations come after it announced that it needs to restate around two years of financial results.

Related Article: Nike Set to Layoff 740 Employees in Oregon Headquarters in Second Phase of Job Cuts

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics