{"id":9650,"date":"2023-08-07T07:03:32","date_gmt":"2023-08-07T07:03:32","guid":{"rendered":"https:\/\/isafespend.com\/news\/siemens-energy-ceo-on-2-4-billion-wind-turbine-hit-we-were-going-too-fast-with-new-products\/"},"modified":"2023-08-07T07:03:33","modified_gmt":"2023-08-07T07:03:33","slug":"siemens-energy-ceo-on-2-4-billion-wind-turbine-hit-we-were-going-too-fast-with-new-products","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9650","title":{"rendered":"Siemens Energy CEO on $2.4 billion wind turbine hit: We were &#8216;going too fast&#8217; with new products"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Siemens Energy<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> CEO Christian Bruch said Monday that the company needs to slow down its rollout of new products after booking 2.2 billion euros ($2.4 billion) in costs due to quality issues at its wind turbine unit.<\/p>\n<p>In June, Siemens Energy scrapped its profit forecast and warned that costly failures at wind turbine subsidiary Siemens Gamesa could drag on for years, sending shares tumbling.<\/p>\n<p>The Siemens Gamesa board is currently undergoing a review of the quality issues, which some analysts have suggested could turn out to be pervasive across the industry.<\/p>\n<p>&#8220;The quality problems really result from the past, but I think we have too fast rolled out platforms into the market,&#8221; Bruch told CNBC&#8217;s &#8220;Squawk Box Europe&#8221; on Monday.<\/p>\n<p>&#8220;That is not a cost issue per se, that is really a quality issue in terms of going too fast with new products into the market. The other thing is obviously now stabilizing the business in terms of ramping up new factories.&#8221;<\/p>\n<p>Though well below worst-case estimates, Siemens Energy said the 2.2 billion euro hit will push its net loss for the year to around 4.5 billion euros \u2014significantly worse than previously expected.<\/p>\n<p>On a positive note, Siemens Energy \u2014 born from the spinoff of the former gas and power division of German conglomerate <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-4\">Siemens<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> \u2014 posted strong growth in orders and revenue, and logged a record order backlog of 109 billion euros in its third-quarter earnings report Monday.<\/p>\n<p>&#8220;I still believe the market itself, and you see that with the 7.5 billion orders we&#8217;ve got in the wind business this quarter, is a very interesting growth market,&#8221; Bruch added.<\/p>\n<p>&#8220;However, obviously, it has to be set up in a way that you can run a profitable business, and obviously making sure that we slow down this fast rollout of new products is a key element in this.&#8221;<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/08\/07\/siemens-energy-books-2point4-billion-wind-turbine-hit-in-q3-2023-results.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Siemens Energy CEO Christian Bruch said Monday that the company needs to slow down its rollout of new products after booking 2.2 billion euros ($2.4 billion) in costs due to quality issues at its wind turbine unit. In June, Siemens Energy scrapped its profit forecast and warned that costly failures at wind turbine subsidiary Siemens<\/p>\n","protected":false},"author":1,"featured_media":9651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-9650","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Siemens Energy CEO on $2.4 billion wind turbine hit: We were &#039;going too fast&#039; with new products | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Siemens Energy CEO Christian Bruch said Monday that the company needs to slow down its rollout of new products after booking 2.2 billion euros ($2.4\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=9650\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Siemens Energy CEO on $2.4 billion wind turbine hit: We were &#039;going too fast&#039; with new products | iSafeSpend\" \/>\n<meta property=\"og:description\" content=\"Siemens Energy CEO Christian Bruch said Monday that the company needs to slow down its rollout of new products after booking 2.2 billion euros ($2.4\" \/>\n<meta property=\"og:url\" content=\"https:\/\/isafespend.com\/?p=9650\" \/>\n<meta property=\"og:site_name\" content=\"iSafeSpend\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-07T07:03:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-07T07:03:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/107010561-1643887126190-gettyimages-1235816565-AFP_9PH336.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/isafespend.com\/?p=9650#article\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/?p=9650\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\"},\"headline\":\"Siemens Energy CEO on $2.4 billion wind turbine hit: We were &#8216;going too fast&#8217; with new products\",\"datePublished\":\"2023-08-07T07:03:32+00:00\",\"dateModified\":\"2023-08-07T07:03:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/isafespend.com\/?p=9650\"},\"wordCount\":323,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/isafespend.com\/?p=9650#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/isafespend.com\/?p=9650\",\"url\":\"https:\/\/isafespend.com\/?p=9650\",\"name\":\"Siemens Energy CEO on $2.4 billion wind turbine hit: We were 'going too fast' with new products | iSafeSpend\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/#website\"},\"datePublished\":\"2023-08-07T07:03:32+00:00\",\"dateModified\":\"2023-08-07T07:03:33+00:00\",\"description\":\"Siemens Energy CEO Christian Bruch said Monday that the company needs to slow down its rollout of new products after booking 2.2 billion euros ($2.4\",\"breadcrumb\":{\"@id\":\"https:\/\/isafespend.com\/?p=9650#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/isafespend.com\/?p=9650\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/isafespend.com\/?p=9650#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/isafespend.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Siemens Energy CEO on $2.4 billion wind turbine hit: We were &#8216;going too fast&#8217; with new products\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/isafespend.com\/#website\",\"url\":\"https:\/\/isafespend.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/isafespend.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/isafespend.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/isafespend.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/isafespend.com\"],\"url\":\"https:\/\/isafespend.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Siemens Energy CEO on $2.4 billion wind turbine hit: We were 'going too fast' with new products | iSafeSpend","description":"Siemens Energy CEO Christian Bruch said Monday that the company needs to slow down its rollout of new products after booking 2.2 billion euros ($2.4","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/isafespend.com\/?p=9650","og_locale":"en_US","og_type":"article","og_title":"Siemens Energy CEO on $2.4 billion wind turbine hit: We were 'going too fast' with new products | iSafeSpend","og_description":"Siemens Energy CEO Christian Bruch said Monday that the company needs to slow down its rollout of new products after booking 2.2 billion euros ($2.4","og_url":"https:\/\/isafespend.com\/?p=9650","og_site_name":"iSafeSpend","article_published_time":"2023-08-07T07:03:32+00:00","article_modified_time":"2023-08-07T07:03:33+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/107010561-1643887126190-gettyimages-1235816565-AFP_9PH336.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/isafespend.com\/?p=9650#article","isPartOf":{"@id":"https:\/\/isafespend.com\/?p=9650"},"author":{"name":"News Room","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf"},"headline":"Siemens Energy CEO on $2.4 billion wind turbine hit: We were &#8216;going too fast&#8217; with new products","datePublished":"2023-08-07T07:03:32+00:00","dateModified":"2023-08-07T07:03:33+00:00","mainEntityOfPage":{"@id":"https:\/\/isafespend.com\/?p=9650"},"wordCount":323,"commentCount":0,"publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/isafespend.com\/?p=9650#respond"]}]},{"@type":"WebPage","@id":"https:\/\/isafespend.com\/?p=9650","url":"https:\/\/isafespend.com\/?p=9650","name":"Siemens Energy CEO on $2.4 billion wind turbine hit: We were 'going too fast' with new products | iSafeSpend","isPartOf":{"@id":"https:\/\/isafespend.com\/#website"},"datePublished":"2023-08-07T07:03:32+00:00","dateModified":"2023-08-07T07:03:33+00:00","description":"Siemens Energy CEO Christian Bruch said Monday that the company needs to slow down its rollout of new products after booking 2.2 billion euros ($2.4","breadcrumb":{"@id":"https:\/\/isafespend.com\/?p=9650#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/isafespend.com\/?p=9650"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/isafespend.com\/?p=9650#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/isafespend.com\/"},{"@type":"ListItem","position":2,"name":"Siemens Energy CEO on $2.4 billion wind turbine hit: We were &#8216;going too fast&#8217; with new products"}]},{"@type":"WebSite","@id":"https:\/\/isafespend.com\/#website","url":"https:\/\/isafespend.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/isafespend.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/isafespend.com\/#organization","name":"Solutions For Real","url":"https:\/\/isafespend.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/person\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/isafespend.com"],"url":"https:\/\/isafespend.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/9650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9650"}],"version-history":[{"count":1,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/9650\/revisions"}],"predecessor-version":[{"id":9652,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/9650\/revisions\/9652"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/media\/9651"}],"wp:attachment":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}