Industry Overcapacity Undermines Trina's Profitability

Trina Solar is one of the four largest Chinese solar module producers. Like its competitiors, Trina embraced a vertically integrated model covering wafer, cell, and module production. However, it maintains the lowest level of vertical integration among its leading competitors. Trina's lower solar wafer capacity offers a near-term advantage, as external procurement can be more cost-effective than internal supply due to severe overcapacity in solar wafers.