September 18 (Renewables Now) - Taiwanese solar cell maker Motech Industries Inc (TPO:6244) intends to axe over 300 foreign production workers in advance because of the rapidly changed and uncertain market situation.
The announcement comes a few months after the company said it planned to transfer its wafer production line workers to cell line production. Taipei Times reported at the time that about 160 workers were to be moved to cell production. The newspaper quoted Motech as explaining that the new Chinese policy will reduce demand at a moment when the sector is already suffering from oversupply.
Earlier this year, China decided to drastically limit support for new solar projects in 2018.
In its latest announcement, Motech said it will continue to adjust and reallocate production capacity and resources promptly in response to the severe volatility in the sector. By doing so it aims to improve competitiveness and its financial performance.