Porsche's stock price has recorded its largest drop in history. Previously, this luxury auto manufacturer lowered its performance expectations for the year, stating that a shortage of aluminum components could cause production interruptions for some models.
The German manufacturer now expects a maximum sales return on investment of 15%, down from the previous upper limit of 17%, and has lowered revenue expectations and the proportion of electric vehicle sales.
Porsche said on Tuesday that the supply shortage was due to flooding at a major European supplier's production facility. The issue has affected all aluminum parts used in its vehicles and production may be affected for several weeks.
Porsche's stock fell 7.7% on Frankfurt, marking its largest intra-day decline since its listing in September 2022. The stock has fallen about 14% so far this year. Volkswagen also briefly fell 2.3%.
The company will announce its first-half performance on July 24.