Porsche shares fell 5% after cutting its 2024 revenue forecast

Shares of Porsche automaker fell 5.34%, after the company lowered its forecast for 2024, saying that many suppliers were affected by a shortage of aluminum alloys.

Porsche expects sales revenues to range between 39 and 40 billion euros for the entire fiscal year 2024.

The company also revised its expectations for operating return on sales, and placed it in a range between 14% and 15%, that is, lower than previous expectations of a period ranging between 15% and 17%.

Porsche said a series of its suppliers were affected by “a significant supply shortage regarding special aluminum alloys.” The company added that this affected the production of vehicles that use aluminum body components.