Volkswagen Group (XETRA:VOW)-owned luxury carmaker Porsche AG (ETR:P911) has issued a profit warning a day after announcing it is ditching its 2030 electric vehicle sales targets.
Porsche is “currently affected by a significant supply shortage with regard to special aluminium alloys” following a flooding at a production facility, it said in a statement.
“Despite immediate countermeasures, it is becoming apparent that the impending supply shortage will lead to impairments in production,” warned Porsche.
A Bernstein analyst quoted by Reuters suggested the flooding at a “Swiss supplier” will see Porsche deliver up to 17,400 fewer cars in the second half.
As a result, full-year revenue forecasts have been trimmed from between €40 billion and €42 billion to between €39 billion and €40 billion.
This is expected to cause underlying profit margins to tighten to between 23% and 24%, down from previous estimates of between 24% and 26%.
Porsche has claimed force majeure, allowing it to suspend contract obligations due to extraordinary circumstances.
It adds another layer of frustration for the iconic German carmaker following production bottlenecks hitting deliveries of its Cayenne model earlier this year and a sharp decline in Chinese demand.
Yesterday, Porsche said it has abandoned its target for 80% of sales to be electric by 2030.
“The transition to electric vehicles will take longer than we assumed five years ago,” Porsche said in a statement, adding that sales will depend on demand and how EVs develop across the world.
Porsche shares fell 4% today, bringing year-to-date performance 13% lower. Shares are down 16% since Volkswagen spun the carmaker out in a blockbuster initial public offering in September 2022.