Siemens Energy shares drop 30% on wind turbine problems

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Siemens Vitality has scrapped its revenue outlook for the 12 months amid mounting issues at its wind turbine unit Siemens Gamesa.

The corporate mentioned it was anticipating “considerably increased prices”, doubtlessly above €1bn, following a assessment into “failure charges of wind turbine elements”.

“The potential magnitude of the influence leads us to withdraw the revenue assumptions for Siemens Gamesa and consequently the revenue steering for Siemens Vitality Group for fiscal 12 months 2023,” it mentioned in an announcement late on Thursday.

Siemens Vitality took full management of Siemens Gamesa this month to attempt to flip the enterprise round.

Siemens Vitality’s shares fell virtually 30 per cent because the market opened in Frankfurt on Friday, to €16.60.

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