As Siemens Energy took full control of its Spanish wind turbine joint venture last month, it said it was seeing the “first moves in the right direction” at a division that had suffered a string of profit warnings in recent years.
But within two weeks it revealed that quality issues at Siemens Gamesa were far worse than feared and could cost €1bn to fix, sending shares in the German company down 30 per cent.
“You can imagine what the state of my mood is,” said Siemens Energy chief executive Christian Bruch as he pulled the group’s profit guidance for 2023, describing the problems as “more severe than I thought possible”.
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