SolarCity van. Author: Tony Webster. License: Creative Commons, Attribution 2.0 Generic.
US solar panel installer SolarCity (NASDAQ:SCTY) will cut 108 jobs at two offices in California, The Mercury News reported Wednesday, citing a filing with the state.
A total of 80 jobs will go at the company’s headquarters in San Mateo and another 28 at its San Francisco office. The layoffs are set to start on October 19.
SolarCity last week said it was taking measures to realign its operating costs with its reduced guidance for Megawatts Installed, and that it expects to incur restructuring charges of up to USD 5 million (EUR 4.5m), primarily related to severance benefits. Specific details on the cost cutting measures were not disclosed. In line with the effort, the company's founders and chief executive and technology officers, Lyndon Rive and Peter Rive, have requested that their annual salaries be cut to USD 1.
At the start of August, Tesla Motors Inc (NASDAQ:TSLA) and SolarCity announced the signing of an Agreement and Plan of Merger, which will see the solar installer become a wholly-owned subsidiary of the electric car maker.