Has the price of Tongwei photovoltaic panels dropped

What happened to Chinese solar company Tongwei?

CONTEXT NEWS Chinese solar company Tongwei on Aug. 30 reported a second-quarter net loss of 2.3 billion yuan ($323.5 million). Its gross profit margin fell to a 13-year low of 5% due to tumbling prices across the industry.

Does Tongwei solar sell in Australia?

Adding to this global situation is the fact major manufacturer Tongwei Solar, which sells in Australia mostly under the brand TW Solar, has blazed into the Australian market this year, shifting former marketshare dynamics.

Who is Tongwei solar?

Although Tongwei is an established company, it formerly had no presence in the Australian market and was largely focussed on upstream solar manufacturing. It began seeking out Clean Energy Council approval for its own brand of panels in 2020, but has significantly ramped up its presence in 2023.

Did Tongwei slash cell prices?

Tongwei exhibiting at last year’s SNEC exhibition in China. The company has slashed cell prices in recent months. Image: PV Tech.

Why did Tongwei stock fall 5%?

Its gross profit margin fell to a 13-year low of 5% due to tumbling prices across the industry. Tongwei, whose shares have fallen about 40% over the past year, on Aug. 13 announced plans to acquire a controlling stake in smaller rival Runergy for up to 5 billion yuan. For more insights like these, click here to try Breakingviews for free.

Why are Chinese solar panels lowering their prices so much?

Recently a glut of the stuff has led leading Chinese solar panel manufacturers like Longi Green, TCL Zhonghuan, and Tongwei to lower their prices by as much as 27%. This couldn’t come at a better time for Europe, which is racing to install large numbers of solar panels to offset the loss of cheap methane from Russia.