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
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
