Asia Tech Wire (Jan 22) -- Israel-based firm SolarEdge Technologies Inc. said on Sunday that in order to reduce operating expenses, the company will lay off about 16% of its workforce globally, affecting nearly 900 employees.

SolarEdge said in a statement it has ceased production in Mexico, reduced manufacturing capacity in China, and terminated its light commercial vehicle e-mobility activity.

The renewable energy company lowered its fourth-quarter revenue forecast in November last year due to weak demand for solar inverters.