Enphase cuts one U.S. factory and lays off 10% of global workforce

As of | December 20, 2023. Enphase revealed in a Securities and Exchange Commission document dated December 18 that it is cutting approximately 10% of its international staff and putting a stop to contract manufacturing in its Wisconsin and Romania plants. The CEO, Badri Kothandaraman, mentioned in a communication to the staff, “The solar market has experienced significant turmoil worldwide over the past year. High interest rates in the United States have led to a substantial decline in consumer demand. Additionally, ongoing uncertainties are being fueled by the transition to NEM 3.0 in California. Kothandaraman stated that Enphase’s present contract manufacturing operations can produce approximately 10 million units per quarter. However, the recent reductions will bring that amount down to 7.25 million units per quarter.