Production gear maker Manz cuts forecast on EV slump
27/06/2024 09:07
June 27 (Reuters) - German high-tech equipment
manufacturer Manz AG M5ZG.DE lowered its 2024 forecast and
announced cost cutting plans on Thursday, citing a slowdown in
European electromobility markets.
It now expects sales and earnings for 2024 to fall
significantly below last year's level, as the Mobility & Battery
Solutions segment is set to be particularly hit.
"The reluctance of European customers to make new
investments, particularly in the area of battery production, has
increased significantly in recent weeks." the firm said in a
statement.
(Reporting by Tristan Veyet in Gdansk, Editing by Ludwig Burger
)
((Tristan.Chabba@thomsonreuters.com;))