The German power equipment supplier is struggling with far-reaching quality issues at its onshore wind turbine division as well as potentially loss-making offshore contracts, which have caused its shares to more than halve since June.
I guess Germany will import their wind turbines?
Their wind power division is called Siemens Gamesa Renewable Energy, headquartered in Zamudio (Spain). Their main production, blades for turbines in particular which have massive quality issues and cost them billions, sits in Aveiro (Portugal), with only some minor production (mainly nacelles and R&D) done in Germany and Denmark (also China, US and Canada, but those are mostly irrelevant for the bulk production in Europe).
A parent company sitting in Germany doesn’t make it German quality production when everything is outsourced.
Yeah, you spotted the problem. The label is nearly worthless nowadays.