Maxeon Solar will establish alternative supply chains in the face of tariff turmoil
Maxeon Solar Technologies, a renewable energy company, announced on Friday that it would create alternative supply and manufacturing chains in response to the tariffs levied by U.S. president Donald Trump.
After the bell, shares of the company rose 4.6%.
The move comes in the midst of a global trade war that is intensifying after Trump on Thursday imposed a baseline 10% tariff on all U.S. imported goods, as well as higher duties on dozens other countries.
Maxeon stated that the new tariffs, trade barriers and restrictions would apply to all of its existing cell and module manufacturing plants.
The company said it would continue prioritizing the development of its Albuquerque manufacturing facility, as well as identify additional domestic component suppliers.
George Guo, CEO of the company, said that domestic manufacturing was the right thing to be doing regardless of tariffs.
Maxeon is also embroiled in a dispute over its solar panels with U.S. Customs & Border Protection, which started to hold Maxeon’s panels in July of last year citing the Uyghur Forced Labor Prevention Act.
The California-based company said that CBP denied its request on Friday to further review its continued detention of modules. It added that it was considering exercising the right to challenge CBP's decisions at the U.S. Court of International Trade in order to demonstrate that their products fully comply with UFLPA. Reporting by Vallari Shrivastava, Bengaluru. Editing by Alan Barona
(source: Reuters)
