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
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
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.