Singapore-headquartered Maxeon Solar Technologies (Nasdaq: MAXN) is restructuring to focus exclusively on the US market, but it’s put its $1 billion Albuquerque solar cell factory on ice.

Maxeon Solar bets on the US

Maxeon is selling off its global sales and marketing assets in EMEA, Latin America, and Asia Pacific to its parent company, TCL Group, which will also acquire Maxeon’s Philippines manufacturing operations. TCL will then operate them under a new name, TCL SunPower International. The transactions are expected to be completed by the end of the year.

Maxeon will continue to operate as an independent, publicly traded Nasdaq-listed company solely focused on the US residential, commercial, and utility-scale markets to “drive growth and profitability.” The company also announced that it has executed a five-year lease of an existing building in Albuquerque and plans to begin solar panel manufacturing in this 2-gigawatt (GW) capacity facility in early 2026. 

George Guo, Maxeon’s CEO, said, “Assuming successful financing, this site will allow Maxeon to rapidly deploy a 2 GW module assembly facility while we continue to evaluate our longer-term objective of also establishing solar-cell manufacturing capacity.”

What Guo is referring to when he mentions solar-cell manufacturing is the $1 billion factory. In August 2023, the company said it would build a 3-gigawatt (GW) solar-cell and panel factory in Mesa del Sol, Albuquerque, from the ground up. It had planned to start construction on the plant in early 2024, but after delays, it’s now been put on hold. Mesa del Sol, which says it’s still working with Maxeon on the construction project, has extended the solar company’s purchase agreement for 100 acres of land, according to the Albuquerque Business Journal. If built, it will be the largest factory of its kind in the US.

Electrek’s Take

Maxeon has had a tumultuous year. In May, it was investigated for violating US federal securities laws, and it got a slap on the hand from Nasdaq for the delayed release of quarterly financial reports. Then it got a financial boost in the form of a nearly $200 million investment from China’s TCL Zhonghuan, which gave the latter an over 50% stake in the company. It also saw a 99% drop in stock value this year.

Recently, Maxeon ran into trouble with US Customs and Border Protection (CBP). Earlier this month, it disclosed that CBP had detained its solar panels assembled in Mexico with solar cells from Malaysia. CBP has ramped up its scrutiny of solar panel supply chains to ensure they are free from links to forced labor involving the Uyghur community.

Maxeon emphasized that its panels have no ties to the Xinjiang Uyghur Autonomous Region. The sale of Maxeon’s Asian assets to TCL should help streamline the CBP documentation process, but Trump’s recent Mexico tariff announcement is a potential fly in the ointment, too.

No wonder this majority Chinese-owned company with a tanked stock value wants to build panels in solar-industry-friendly New Mexico as soon as possible.

Read more: Maxeon is going to open a 3 GW solar factory in New Mexico

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With big discounts and lower-priced models hitting the market, electric vehicles are getting more and more affordable. Here are the EVs you can drive off in this Black Friday with lease prices under $300 a month.

New EVs, like the Honda Prologue, Chevy Blazer, Equinox, and Silverado, are rolling out nationwide, giving buyers more options than ever.

According to Cox Automotive, over 100,000 EVs were sold in the US in September, the sixth straight month topping the 100,000 mark. Electric vehicles account for 9% of the US auto market, the highest percentage to date.

The average transaction price (ATP) for new EVs was $56,328, but drastically higher incentives bring prices on par with or even under many comparable gas cars.

For example, the Honda Prologue electric SUV is available to lease for as low as $259 per month, including the down payment. That’s cheaper than a Honda Civic at $376 per month. Honda recently extended the offer to 17 additional US states after introducing it in California last month.

EVs for lease under $300 a month for Black Friday 2024

The Honda Prologue is one of the best EVs to lease this Black Friday. Here are the other models worth considering this month.

According to online auto research firm CarsDirect, the Nissan LEAF retained the title of the cheapest EV you can lease in November listed at just $109 per month in Colorado.

With $2,529 due at signing, the effective monthly rate is just $179. However, the deal only includes state incentives, which are not offered elsewhere.

Kia’s Niro EV and EV6 are two of the best EV lease options this month, with monthly rates of $169 and $179.

After a recent price cut, the EV6 is offered at its lowest monthly rate since hitting the market. That’s for the Light Long-Range model with up to 310 miles of range.

The Hyundai IONIQ 5 remains a top lease option in November, with the updated 2025 model set for deliveries later this year. With lease prices starting at just $199 per month, Hyundai is offering its best-selling electric SUV at closeout prices.

Honda factors in a $1,000 conquest or loyalty offer in the lease deal. However, for a $48,000 electric SUV, the Prologue is still a steal.

The Subaru Solterra is worth considering at just $299 for 36 months with no money down. Subaru dropped lease prices from $329 per month on November 21.

With the long-awaited $35,000 Chevy Equinox LT arriving, GM is sweetening the deals on 2024 models with leases starting as low as $299 per month.

Ford is also offering significant discounts on the F-150 Lightning and Mustang Mach-E in a new end-of-year promo. New EV buyers also get a free Level 2 home charger, and Ford is covering the cost of standard installation.

Although not under $300 a month, with up to $21,150 in potential savings, the 2024 Acura ZDX is another steal this Black Friday.

With the incoming Trump administration reportedly planning to end federal incentives, the savings may not last long. Take advantage of them while they are still here.

Ready to find your new EV? We can help you get started. You can use our links below to find the best deals on popular models in your area.

Genesis is preparing to launch its new ultra-luxury GV90 electric SUV. After the first prototypes were caught near Hyundai’s facility, we are learning more about what to expect from the flagship SUV.

Genesis introduced the Neolun concept in March, a preview of its upcoming full-size SUV. The SUV will serve as a tech beacon as Genesis looks to move upward, challenging ultra-luxury brands like Rolls-Royce and Bentley.

The concept features a “reductive design,” giving it a clean, minimalistic look. One of the standout features is the connected two-tone headlamp in the shape of the iconic Genesis crest grille.

Genesis even included coach doors. With the B-pillars removed, the electric SUV has that smooth, premium look.

Meanwhile, the interior is fit for royalty. Upon opening the coach doors, you are met with electric side steps that automatically deploy. The interior seats swivel, providing a flexible, spacious interior.

The SUV also includes an immersive audio experience, almost “concert hall-like,” with each speaker strategically placed.

Genesis GV90 to launch as new ultra-luxury SUV

A massive 24.6″ infotainment screen can be adjusted or integrated into the dash. Genesis also included an “Ondol” heating system based on a Korean underfloor heating method. Genesis says it will help improve heating efficiency while providing a lounge-like experience.

Reports from Korea surfaced this summer claiming that the first GV90 prototypes would be built in October. According to TheKoreanCarBlog, the first prototypes have already been spotted outside Hyundai’s R&D facility in Korea.

Genesis is preparing to launch two models, a Standard and an Exclusive trim. The Standard model will get standard doors, but the Exclusive trim is expected to retain the coach doors from the concept.

The Exclusive model will be limited to just a few units as Genesis looks to move up the luxury ranks. It’s expected to rival the top-selling larger luxury SUVs like the Mercedes Benz GLS-Class and Bentley Bentayga.

According to the report, Genesis is finishing production prototype development after overcoming issues with the coach door. Hyundai’s R&D facility reportedly solved the problem, and GV90 prototypes are ready to be tested on public roads.