The reduction, which would affect roughly 900 employees,
follows the firm's discontinuation of manufacturing in Mexico, reduction of
manufacturing capacity in China, and termination of light commercial vehicle
e-mobility activity.
“We have made a very difficult, but necessary decision to
implement a workforce reduction and other cost-cutting measures in order to
align our cost structure with the rapidly changing market dynamics," CEO
Zvi Lando said in a statement.
The renewable energy firm trimmed its fourth-quarter revenue
expectations in November on weak demand for its solar inverters.
Growth for solar in Europe has slowed in the last year due
to excess inventories and weakening demand. While in the United States, higher
interest rates and a metering reform in California, the country's largest solar
market, have led to lower demand for solar.