sunpower-corp
(SunPower)

The coronavirus pandemic continues its ravenous impacts on the solar industry, and this time, its caught up with SunPower.

According to a filing with the SEC, the company is suspending global product manufacturing services.

The factories affected include locations in France, Malaysia, Mexico, the Philippines, and the U.S.

The company is also implementing work cutbacks for all employees and reducing the salaries of its key executives.

SunPower reduced the pay for its two CEOs by 50 percent and decreased the pay for its three executive vice presidents by 35 percent.

These measures will stay in place until certain financial milestones are achieved.

While the Company expects to have existing inventory to meet customer needs, it is still very optimistic that demand will return with the waning of the pandemic.

Derick Lila
Derick is a Clark University graduate—and Fulbright alumni with a Master's Degree in Environmental Science, and Policy. He has 8+ years of solar industry research, marketing, and content strategy experience.

New solar and wind electricity generating capacity overwhelming natural gas thus far in 2020

Previous article

Latest EnergySage report indicates U.S solar prices dropped in 7 of the 10 largest residential markets

Next article

You may also like

Comments

Comments are closed.

More in News Watch