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.

Will Tongwei invest 28 billion yuan in Ordos?

Tongwei has agreed with local authorities in Ordos, Inner Mongolia, to invest 28 billion yuan ($3.9 billion) in a two-phase project that will eventually have capacity to produce 500,000 tons of industrial silicon and 400,000 tons of polysilicon annually, the Chengdu, Sichuan-based company said in a stock exchange filing on Monday.

Will Tongwei buy a rival solar company?

Ad Choices Help©2024Bloomberg L.P. All Rights Reserved. Tongwei Co., one of China’s largest solar manufacturers, plans to acquire at least 51% of a smaller rival, as consolidation accelerates in an industry grappling with oversupply and losses.

What is TW (Tongwei) solar doing now?

In line with this trend, Chinese PV manufacturer TW (Tongwei) Solar has made comprehensive efforts in product line expansion and new technology deployment in recent years. It has also increased its research and development (R&D) investments, pursuing technological innovation and product upgrades.

Will Tongwei build solar panels in Chengdu?

Tongwei intends to build solar cell and panel plants in its home city of Chengdu with a total fixed asset investment of CNY10.5 billion (USD1.5 billion), it said in a statement late yesterday.

Why is Tongwei building a new factory in China?

Get in Touch Tongwei Co., the world’s largest manufacturer of a key material for solar panels, said it will build a massive new factory in northern China just as the industry struggles with a price war and a looming wave of consolidation.