Citing Weak Demand, SunPower Suspends Solar Production [The Motley Fool]
SunPower Inc. (SPWR)
Last sunpower inc. earnings: 2/12 04:05 pm
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Source: The Motley Fool
CoronavirusThis morning, solar panel producerSunPower Corporation(NASDAQ:SPWRImage source: Getty Images.SunPower factories in France, Malaysia, Mexico, the Philippines, and the U.S. have all been idled. "The Company expects to have existing inventory to meet customer needs," notes SunPower.Analysts at energy research firm Wood Mackenzie forecast that demand for solar installations globally will come in 8% lower this year than it had previously predicted. In that case, weak demand for solar panels could well be satisfied by stockpiles SunPower and other manufacturers have already produced.The company is optimistic that demand will return with the waning of the pandemic, saying it has an "expectation" that factories "will come back online in the coming weeks."In the meantime, SunPower has taken other measures to tide it over until demand forrenewable energySunPower also advised that itsplans to split itself
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