- Porsche AG will release half-yearly results on July 24.
Porsche AG cut its full-year revenue forecast, saying a shortage of aluminium parts could cause it to stop production of some models.
Revenue will be between €39 billion and €40 billion ($42.5 billion-$43.6 billion), down from an earlier forecast of €40 billion to €42 billion, the Volkswagen AG-controlled automaker said in a statement Tuesday.
The supply shortage is the result of the flooding of a production facility of an important European supplier, Porsche said in the statement. The issue has affected aluminium components that are used in all Porsche vehicles, the automaker said.
The revenue downgrade is the second piece of bad news from Porsche in two days. On Monday, it abandoned its electric vehicle sales ambitions over lower-than-expected momentum for plug-in models in Europe and China.
Porsche will release half-yearly results on July 24.
First Published Date: 23 Jul 2024, 06:18 AM IST