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Report: SolarCity Slashes Headcount For Plant In Buffalo To 500 From 1,460

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Report: SolarCity Slashes Headcount For Plant In Buffalo To 500 From 1,460
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Back in late February, a report surfaced that SolarCity Corp (NASDAQ: SCTY) was looking to lower its headcount at a production facility in Buffalo, New York.

The prior reports may have now been validated, as Investigative Post, a Western New York-based news site, reported that SolarCity slashed its job creation commitment for its plant in Buffalo to 500 jobs from a previous 1,460 jobs.

Related Link: Cramer: SolarCity Is "In First Class Crisis" But Acts As If Everything Is Fine

"With new advanced semiconductor manufacturing equipment that enables automation, we believe 500 is the minimum number of manufacturing jobs the factory will require," the publication quoted Kady Cooper, director of communications for SolarCity as saying. "If that is the case, we will hire more staff for sales, project development and other functions."

Investigative Post also stated that SolarCity's headcount reduction has been noted in public documents it has filed, but has yet been officially confirmed by the State of New York.

"As the partnership has moved forward, adjustments were made to the types of positions SolarCity would need," SUNY Polytechnic Institute spokesman David Doyle told the publication.

Shares of SolarCity were up roughly 1 percent in pre-market trading Monday, but are lower by more than 60 percent since the start of 2016.

Posted-In: David Doyle Investigative Post Kady CooperNews Rumors Commodities Markets Trading Ideas Best of Benzinga

 

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