It should be noted that JinkoSolar was never a laggard when it came to cell efficiencies, having benefitted from being one of the last PV manufacturers to aggressively expand capacity in 2011 and 2012, using the latest cell technology that was available from leading equipment suppliers, before overcapacity took its toll on the industry. With manufacturing cost reductions significantly slowing due to the bottoming of material costs for the likes of polysilicon and silver pastes as well as a slowdown in quality improvements with multicrystalline silicon wafers, emphasis looks increasingly focused on cell efficiency gains. These cost per-watt gains are being enabled by second-generation PERC cell technology to provide low-cost leaders such as JinkoSolar with the room to continue on cost reduction roadmaps.