Models unveil the new Audi SQ7 TDI during the company's annual news conference in the Bavarian city of Ingolstadt, Germany March 3, 2016. REUTERS/Michael Dalder

SunPower Corporation (NASDAQ:SPWR) said in a statement that the unprecedented drop in solar panel prices would likely to halt in 2017 and the industry is set to get boost in the latter half of the next year.

The company also said it plans to layoff an extra 25% of its workforce, or 2,500 employees, and will also shutter one of the production facility as part of an economizing strategy announced last month to stand tumbling prices.

In the recent quarters all the solar industry have been hampered by the stiff competition as the prices were pushed lower and customers held off purchases in the hope of a further drop in prices, especially as Chinese firms boosted production levels.

“We are planning for (price) stability, meaning they won’t materially decrease or impair,” SunPower CEO Tom Werner said in a separate statement.

“They might be plus or minus a few percent, maybe 5 percent, on a high side 10 percent, so we expect stabilization, not necessarily price increase.”

SAN JOSE, CA-based SunPower, which is anticipated to post its sixth successive drop in the current quarter, said average selling prices had fallen 25 percent in the earlier quarter.

Last month SunPower announced the plan to drop operating costs in 2017 to about $350 million, in contrast with $450.9 million in 2015, and more than halved its 2017 capital budget to about $100 million.

In the latest announcement the company also reveal plan of shuttering a 700-megawatt (MW) solar cell fabrication plant in the Philippines, where most of the jobs will go.

Meanwhile the SunPower expects 2017 revenue, without certain items, of $2.10-$2.60 billion, well under analysts’ average estimate of $2.70 billion.

SunPower (SPWR) also said it predicts to invite around $200 million rearranging and other charges in the current quarter and $225-$275 million of similar charges through the end of 2017.