Chinese Solar Giants Flag Massive Losses as Glut Deepens (2)

Two of the world’s biggest solar manufacturers lost more than $1 billion in the first half as a massive glut in the Chinese market continued to hurt the sector, which is vital to combat climate change.

Longi Green Energy Technology Co., until recently the world’s biggest solar firm, said in a preliminary results filing late on Tuesday that a “mismatch” of supply and demand has led to a significant drop in prices for its major products, resulting in no revenue increase even as sales volumes rose. Its fellow Chinese company Tongwei Co. also blamed “persisting” low costs across the ...