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Germany's SMA Solar to Cut More Costs Ahead of Dire 2013

Nov 9, 2012
Source: 
(Reuters)

SMA Solar, Germany's No. 1 solar group, said it was to cut costs further given that margins may evaporate next year because of falling subsidies for solar power.

SMA, the world's largest maker of solar inverters - a key component in solar installations, said on Thursday it would further cut the price of inverters by slashing production costs and purchasing prices.

Long hailed as one of the industry's last investor darlings, the group finally succumbed in mid-October to a crisis caused by oversupply, growing competition from Asia, and lower subsidies, saying it could post a loss and would cut 450 jobs.

On Wednesday, it repeated it could not rule out a loss next year due to falling subsidies in key markets on which the industry depends while solar power costs more than conventional energy sources.