German luxury car maker Porsche AG downgraded its 2024 revenue forecast, saying it would likely be forced to temporarily cut production due to aluminum supply issues.
“Several of the company's suppliers are facing significant shortages special aluminum alloys due to the flooding of the production plant of an important European aluminum producer, which informed its customers of force majeure,” says a Porsche press release.
In this regard, the company is short of body parts that are used in all series of its cars. Despite the immediate implementation of countermeasures, it is clear that supply shortages will require production cuts, Porsche said.
“This will last for several weeks and could lead to the discontinuation of one or more vehicle series,” the press release said. release.
The company worsened its revenue forecast for the current year to 39-40 billion euros from the previously expected 40-42 billion euros. The full-year sales margin forecast has been cut to 14-15% from 15-17%.
Porsche expects the share of electric vehicles in total sales this year to be 12-13% (previously forecast 13-15%).
Porsche shares are down 4.1% in trading on Tuesday. Since the beginning of this year, their value has decreased by 12.8%.
