Sinovel idles 350 workers after tough year and falling sales

Sinovel, China’s second largest wind turbine maker, is cutting 350 workers from next week as the company responds to declining demand and falling profits.

The company told the workers, mainly from its R&D department, that they will receive one more month’s salary before their pay is cut to 80% of the minimum wage for Beijing.

The news, first revealed by Chinese news portal Sina.com and confirmed by a person in the company who did not wish to be named, comes a few weeks after Sinovel reported its worst quarter since listing in January 2011.

The company recorded a third quarter loss of 280m yuan compared with 242m yuan in profit a year earlier while its operating income…

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