'Net Zero' Debacle: Siemens Suffers $5 Billion Loss from Failed Wind Turbines
By Wilfried Eckl-Dorna.
Siemens Energy AG has launched a strategic review of its wind energy business as problems with its turbines are expected to cause a net loss of €4.5 billion ($5 billion) in one of industrial Germany's biggest debacles.
Shares fell as much as 5.1% after the company announced the loss, which follows repeated setbacks for the German maker to get to grips with quality flaws.
Previously, the company expected a net loss of around €1 billion in the year to September.
"It was a very demanding quarter," Chief Executive Officer Christian Bruch said in an interview with Bloomberg Television on Monday.
https://www.climategate.nl/2023/08/net-zero-debacle-siemens-lijdt-een-verlies-van-5-miljard-door-defecte-windturbines/
