Siemens Energy value slumps on turbine failures

Shares of Siemens Energy slumped by 37% after CEO Christian Bruch admitted to massive problems in the wind turbine side of the company – Siemens Gamesa – and scrapped the firm’s 2023 profit outlook.

Christian Bruch

Shares of Siemens Energy slumped by 37% after CEO Christian Bruch admitted to massive problems in the wind turbine side of the company – Siemens Gamesa – and scrapped the firm’s 2023 profit outlook.