The Porsche logo, the German automobile manufacturer specialising in high-performance luxury sports cars, SUVs, and sedans, headquartered in Stuttgart and part of the Volkswagen group, captured in their Porsche Zentrum Zrich shop, their main center in the biggest Swiss city, in Zrich on November 13, 2023, in Zrich, Switzerland.
Joan Cros | Nurphoto | Getty Images
Shares in automaker Porsche fell on Tuesday after the company cut its 2024 outlook, saying various suppliers were affected by a shortage of special aluminium alloys.
Porsche was last down 5.34% at 8:35 a.m. London time.
In a statement released on Tuesday, Porsche said sales revenue was now expected to come in between 39 billion euros ($42.4 billion) and 40 billion euros for the full financial year 2024, down from a previously expected 40 billion euros to 42 billion euros.
The company also revised its expectations for operating return on sales, sitting them in a range between 14% and 15% — lower than the previous forecast 15% to 17% interval.
Porsche said that a series of its suppliers were impacted by a “significant supply shortage with regard to special aluminium alloys.” This affected the production of vehicles which use aluminium body components, the company added.
Porsche is set to announce its financial results for the first half of 2024 on Wednesday.
This is a developing story, please check back for updates.