Porsche reduces expectations, stock price drops

Source: Dukascopy Bank SA


The German automaker Porsche has announced that it is reducing its sales and profit expectations due to a sudden shortage of aluminium alloy in Germany. These news have caused a decline of the firm's stock price on the Frankfurt stock exchange.

Porsche has not named the European contractor, which has hurt the firm's supply of aluminium. However, it has been reveals that a force majeure flooding at the supplier has hit production. The subsequent lack of materials has forced Porsche to reduce production of all models and even shut down production of couple car series.

The stock price dropped 4.47% or 1.92 Euro at the start of the day's trading.
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