FirstSolar is located in Tempe, Arizona, USA. It is the world's leading manufacturer of thin film photovoltaic modules. It has become a coveted stock of securities investors like a crown jewel, but now it has become a hot potato along with other stocks in the solar PV industry. At the peak of May 2008, FirstSolar stock traded at approximately US$311 per share, but it has since fallen by 87%. At the close of trading today, the stock price per share was only US$39.21, a decrease of 6 percentage points. In recent weeks, FLSR has suffered terrible losses on all Nasdaq stock transactions. Only last Friday, FLSR stocks fell by 10%. Within a few days, analysts lowered their stock rating from "buy" to "neutral."
Although PV module manufacturers and installers benefited from the rise in US stocks in 2012, the company has been struggling in the past 12 months due to the decline in First Solar's market value. A year ago, FirstSolar had a stock value of up to $170, but its major projects were affected by excessively negative environmental impact. This, together with the overall surplus of PV modules, pushed down the net price of the product, all of which led to the company's financial problems.
Recent issues of concern with the company’s large-scale business contacts with Europe include: the slowdown in the main economy and the reduction in government subsidies for solar PV. In the past year, Spain also stopped subsidies for renewable energy. Germany and Spain are the two largest countries in Europe for solar PV installations in the past decade.
In addition, FirstSolar has been taking a wait-and-see attitude in the US anti-dumping case against China's imports of crystalline silicon PV modules from the solar energy trade, and its thin-film photovoltaic module sales prices have since been suppressed by Chinese cheap products. Since the stock price of the company gradually dropped from its peak in 2008, the overall market and the turmoil within the company have led to frequent reorganization of the company's senior management. In October last year, the company’s chief executive officer also left.
In addition, ** has been a stumbling block to First Solar, especially when the company strove to maintain its competitiveness in the US market last year. We know that government guarantees will only be obtained when certain conditions are met by government-approved standards. Last week, First Solar reported to the Securities and Exchange Commission (SEC) that at the end of last year, FirstSolar sold the Antelope Valley SolarRanch project in northern Los Angeles County to Exelon Corporation if the project could not obtain US$646 million issued by the US Department of Energy based on a construction permit. **, FirstSolar will have to buy back this project. President Obama has already laid out a plan in his State of the Union Address ** to help companies accelerate their access to renewable energy projects to reduce this situation.
This week, FirstSolar announced a new plan to reduce its German factory production. In the climate of unemployment, FirstSolar has already applied for government assistance to place its 1,200 employees on part-time placement instead of mass layoffs. The film maker plans to cut production by half within six months.
This is clearly not a good sign for other solar manufacturing companies, especially those trying to enter the market with cheaper alternatives than traditional crystalline silicon PV modules. If the industry's heavyweight companies have experienced such great pressure in recent years, it is difficult for the market to paint a blueprint full of promise and hope for new ventures with similar business models and product types. In addition, if the Republican candidate is elected president of the United States in 2012, then it will probably completely change the form of renewable energy. The high dependence on government policies will even have a negative impact on markets that are already plagued by communism and financial problems.
At the same time, the current downturn in the economic climate has also had an impact on the utility-scale solar energy industry. That is, the continuous decline in the prices of photovoltaic modules has driven the development momentum of small-scale solar projects and distributed generation projects. However, FirstSolar did not focus on developing markets in this area, which also increased their suffering.
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