On October 9, Suntech Power Holdings Co., Ltd. (hereafter referred to as “Suntech Powerâ€), the world’s largest manufacturer of solar photovoltaic panels, issued a strategy to improve operations and consolidate its leading position in the global photovoltaic market.
Mr. Jin Wei, the CEO of Suntech Power, said: “Since the recent trade disputes with the European Union and the United States have intensified, leading to the global PV market imbalance in supply and demand, and the company’s profitability has dropped dramatically, Suntech Power will take decisive action and focus on the company’s best business. Areas, and give play to their strengths to consolidate our leading market position."
Mr. Jin Wei also said: "Suntech Power will maintain the most efficient production scale, through continuous investment in technology research and development and customer service, and to reshape the company's sustainable development through key initiatives such as cutting costs, optimizing the operating structure, and improving the financial status. Business model!"
The strategy will include the following five aspects:
1. Strengthen investment and maintain key customer relationships.
Suntech will continue to promote technological innovation, focus on providing superior products and services, and will focus resources on serving solar energy partners that focus on the cost of electricity generation.
2. Maintain the most effective capacity scale.
In order to increase production utilization and reduce production costs, Suntech has temporarily lowered its photovoltaic cell production capacity to 1.8 GW, while maintaining 1.6 GW wafer production capacity and 2.4 GW module production capacity. Looking ahead, the company will take full advantage of its global supply chain to respond to fluctuations in trade protectionism and market demand.
3, reduce production costs.
Suntech Power will evaluate the output benefits with the most competitive cost indicators, and achieve a highly competitive cost structure on the premise of ensuring excellent product quality and performance. By the end of 2012, the company will achieve a cost target of approximately 55 cents/watt for non-silicon components, a decrease of more than 30% from the end of 2011.
4, optimize the operating structure.
The company will continue to streamline its processes to increase operational efficiency. Compared with 2011, the company will reduce its operating expenses by 20% in 2012. In 2013, the company will continue to adjust its operating model to meet market development needs.
5. Improve financial conditions.
The company has hired UBS Investment Bank to evaluate and operate the 2013 convertible bond solution.
Mr. Jin Wei said: “To date, Suntech Power has supplied approximately 7GW of solar photovoltaic products to more than 80 countries around the world. I believe that in 2013, with the gradual implementation of this strategy, Suntech Power will continue to lead the global market. status."
About Suntech Power Holdings Co., Ltd. specializes in the production of industry-leading solar photovoltaic products, which are widely used in residential, commercial, industrial and utility power industries. Suntech Power, which is headquartered in China, has set up regional headquarters in Switzerland and the United States, and has a Gigawatt-level production capacity in the world. Since its establishment, Suntech Power has delivered more than 25 million solar modules to thousands of users in more than 80 countries around the world. Suntech Power's R&D team is committed to customer-centric innovation research and strives to promote solar energy at the level of the Internet to replace human dependence on fossil fuels. Our mission is to provide thorough energy solutions for the sustainable development of humanity.
Mr. Jin Wei, the CEO of Suntech Power, said: “Since the recent trade disputes with the European Union and the United States have intensified, leading to the global PV market imbalance in supply and demand, and the company’s profitability has dropped dramatically, Suntech Power will take decisive action and focus on the company’s best business. Areas, and give play to their strengths to consolidate our leading market position."
Mr. Jin Wei also said: "Suntech Power will maintain the most efficient production scale, through continuous investment in technology research and development and customer service, and to reshape the company's sustainable development through key initiatives such as cutting costs, optimizing the operating structure, and improving the financial status. Business model!"
The strategy will include the following five aspects:
1. Strengthen investment and maintain key customer relationships.
Suntech will continue to promote technological innovation, focus on providing superior products and services, and will focus resources on serving solar energy partners that focus on the cost of electricity generation.
2. Maintain the most effective capacity scale.
In order to increase production utilization and reduce production costs, Suntech has temporarily lowered its photovoltaic cell production capacity to 1.8 GW, while maintaining 1.6 GW wafer production capacity and 2.4 GW module production capacity. Looking ahead, the company will take full advantage of its global supply chain to respond to fluctuations in trade protectionism and market demand.
3, reduce production costs.
Suntech Power will evaluate the output benefits with the most competitive cost indicators, and achieve a highly competitive cost structure on the premise of ensuring excellent product quality and performance. By the end of 2012, the company will achieve a cost target of approximately 55 cents/watt for non-silicon components, a decrease of more than 30% from the end of 2011.
4, optimize the operating structure.
The company will continue to streamline its processes to increase operational efficiency. Compared with 2011, the company will reduce its operating expenses by 20% in 2012. In 2013, the company will continue to adjust its operating model to meet market development needs.
5. Improve financial conditions.
The company has hired UBS Investment Bank to evaluate and operate the 2013 convertible bond solution.
Mr. Jin Wei said: “To date, Suntech Power has supplied approximately 7GW of solar photovoltaic products to more than 80 countries around the world. I believe that in 2013, with the gradual implementation of this strategy, Suntech Power will continue to lead the global market. status."
About Suntech Power Holdings Co., Ltd. specializes in the production of industry-leading solar photovoltaic products, which are widely used in residential, commercial, industrial and utility power industries. Suntech Power, which is headquartered in China, has set up regional headquarters in Switzerland and the United States, and has a Gigawatt-level production capacity in the world. Since its establishment, Suntech Power has delivered more than 25 million solar modules to thousands of users in more than 80 countries around the world. Suntech Power's R&D team is committed to customer-centric innovation research and strives to promote solar energy at the level of the Internet to replace human dependence on fossil fuels. Our mission is to provide thorough energy solutions for the sustainable development of humanity.
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