Maxeon Solar seeks further review of detention of Mexico-assembled solar panels
14/11/2024 18:44
Nov 14 (Reuters) - California-based Maxeon Solar
MAXN.O said on Thursday it has filed a request for further
review with the U.S. Customs & Border Protection over the
federal agency's continued detention of its solar panels from
Mexico, citing the Uyghur Forced Labor Prevention Act (UFLPA).
The agency did not immediately respond to a Reuters request
for comment.
Maxeon's shares fell 13.6% in afternoon trading.
The detention of Maxeon's modules began in July and resulted
in the company withdrawing its 2024 forecast in September due to
the uncertainty surrounding imports to its largest market.
Numerous companies have been included in the UFLPA Entity
List, which restricts the import of goods tied to what the U.S.
government has characterized as an ongoing genocide of
minorities in China's western Xinjiang region.
U.S. officials believe Chinese authorities have established
labor camps for Uyghurs and other Muslim minority groups in
China's western Xinjiang region. Beijing denies any abuses.
"None of our supply chains involve entities on the UFLPA
list, two of our supply chains do not even enter China, and yet
the reviewers have declined to make the appropriate
determination that UFLPA does not apply," Maxeon's outgoing CEO
Bill Mulligan said.
He said that the company remains optimistic that new
reviewers would clear its products for imports.
(Reporting by Sourasis Bose in Bengaluru; Editing by Shailesh
Kuber)
((Sourasis.Bose@thomsonreuters.com;))