The losses are down to the value of the units, operational losses and write-downs on projects that are currently in progress. The German newspaper reckons that the total loss on Siemens’ solar business will top $1 billion.
Siemens joins a handful of other German solar PV makers that have filed for bankruptcy or been sold in the past year. Cuts to subsidies in the eurozone have been the main force behind the failures, but low prices from Chinese solar makers have hurt also. Eurozone and U.S. solar manufacturers have initiated trade cases against the Chinese makers, and the United States is already imposing tariffs on panels manufactured in China.
Siemens’ shares are inactive in premarket trading today, having closed at $101.85 on Friday in a 52-week range of $77.88 to $105.40.
Paul Ausick
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.