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Siemens Gamesa reveals fresh €1bn hit

Siemens Energy faces a setback as quality issues at Siemens Gamesa result in a withdrawal of profit guidance and a hefty €1bn cost for repairs. The company highlights problems with turbine components and emphasizes the need for urgent changes in corporate culture.

Richard Heap
June 23, 2023

Siemens Energy has withdrawn its 2023 profit guidance because of quality problems at Siemens Gamesa that are set to cost more than €1bn to fix.

Jochen Eickholt, chief executive at Siemens Gamesa, said problems with the company's turbine components, including bearings and rotor blades, were "much worse than even I would have thought possible". Christian Bruch, chief executive at Siemens Energy, added Siemens Gamesa's corporate culture needed to be "urgently" fixed.

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