US Solar Firm Surpasses Chinese Rival To Become World's Top Solar Manufacturer

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https://www.blogger.com/blog/post/edit/1346762523320712060/7790291730686282370
                     US solar firm's market capitalization reached to $21.15 billion


     The US company has become the most valuable solar manufacturer in the world after the rival Chinese company slipped.

    According to The Economic Times, First Solar Inc. gained this position for the first time since 2018 as the Chinese rivals suffered from a profit-splashing price war and trade barriers by Washington.

    The Arizona-based solar manufacturer gained 1.5% on Friday with a market capitalization of $12.15 billion. In contrast, the shares of Sunglow Power Supply Co. fell to 4.2% on the same day, making its value at about $20.85 billion.

    From the beginning China dominates the global production of solar panels and controls more than 80% in every step of the supply chain.

    However, in recent times, China's solar giants are facing trouble due to geopolitics as the leaders from the US and Germany are criticizing their overcapacity.

    Moreover, US President Joe Biden has also announced higher tariffs on Chinese solar panels.

    The president's decision has subsequently benefited the US's biggest manufacturer, First Solar. Along with that, the company will also receive financial support from the Biden administration's Inflation Reduction Act.



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