Siemens Energy shares jump 13% after guidance raise and leadership change at embattled wind turbine unit
Siemens Energy shares soared as much as 13% on Wednesday after the German renewables firm raised its forecast for the year and announced that the CEO of its troubled wind turbine unit will be replaced amid “comprehensive restructuring measures.”
It said in a statement that Jochen Eickholt at Siemens Gamesa informed the board that he will step down from his position as CEO by mutual agreement on July 31, and be succeeded by Vinod Philip.
“In a very difficult situation at Siemens Gamesa, Jochen laid the central foundations for the urgently needed reorganization and new start within Siemens Energy. It is only fair to emphasize that the causes of the quality problems did not fall under his tenure as CEO,” said Siemens Energy CEO Christian Bruch in a statement.
It said that Gamesa had initiated comprehensive restructuring measures and “steps for long-term strategic development” in order to boost operating margins.
Strong demand for power grid equipment amid the company’s “success” in stabilizing the wind business led Siemens on Wednesday to raise its forecast for the year.
Power-generating Siemens 2.37 megawatt (MW) wind turbines are seen at the Ocotillo Wind Energy Facility California, May 29, 2020.
Bing Guan | Reuters
For the full year, the company now expects a comparable revenue growth between 10% and 12% and a profit margin before special items between negative 1% and positive 1%. It previously forecast comparable revenue growth between 3% and 7% and a profit margin before special items between negative 2% and positive 1%.
Shares of Siemens Energy traded 11.3% higher at around 9:45 a.m. London time.
Speaking to CNBC’s “Squawk Box Europe” on Wednesday, CEO Bruch said Siemens Energy had enjoyed a “good quarter,” citing “very positive” order momentum in energy. However, he warned the company still needed to work through some quality issues.
“We are tackling the things in wind. We have been working over the last two years on a lot of things. Jochen launched a lot of the right activities in terms of this operational turnaround. We knew it was going to take years for us to really get it back on track,” Bruch said.
“Going forward, we are going to be active in onshore and offshore. We are going to focus the business on offshore more. We hammer down on the volume product in offshore,” he added.
A tough 2023
Siemens Energy suffered a rough 2023. Problems with manufacturing faults at Gamesa forced the parent company to a 4.6 billion euro ($4.94 billion) loss for the fiscal year. An investigation into quality issues was launched at the wind turbine division.
In June, during a particularly turbulent time for the stock, Siemens Energy scrapped its profit forecast and warned that the costly failures at Gamesa could drag on for years.
The wind industry has expanded rapidly over the past two decades, lowering costs to rival — and sometimes undercut — those of fossil fuels, while boosting efficiency with ever-bigger turbines and reducing reliance on state subsidies. But the issues last year led investors to worry that Gamesa’s problems might be a symptom of a wider problem for the industry.
Meanwhile on Wednesday, Siemens Energy reported a net income of 108 million euros for the last quarter and raised its outlook on “stronger growth and positive cash development.”
— CNBC’s Elliot Smith contributed to this article.
Electric vehicles’ share of the market continues to climb in America’s second city, with BEV registrations up more than 50% in the first quarter of 2025 compared with the same period last year. Great news, but charging hasn’t up – but a new plan from Chicago Department of Transportation aims to build up enough infrastructure for the city to keep up.
In a bid to keep up with the rapid growth of EVs, Chicago Department of Transportation (CDOT is currently seeking public feedback on a plan called “Chicago Moves Electric Framework.” The city’s first such plan, it outlines initiatives that include a curbside charging pilot through the city’s utility, ComEd, and expanded charging access in key areas throughout the city.
Unlike other such plans, however, the new plan aims to focus on bringing electric vehicle charging to EIEC and low income communities, too.
“Through this framework, we are setting clear goals and identifying solutions that reflect the voices of our residents, communities, and regional partners,” said CDOT Commissioner Tom Carney. “By prioritizing equity and public input, we’re creating a roadmap for electric transportation that serves every neighborhood and helps drive down emissions across Chicago.”
Neighborhoods on the south and west sides of Chicago experience a disproportionate amount of air pollution and diesel emissions, largely due to vehicle emissions according to CDOT. Despite that, most of Chicago’s public charging stations are clustered in higher-income areas while just 7.8% are in environmental justice neighborhoods that face higher environmental burdens.
“Too often, communities facing the greatest economic and transportation barriers also experience the most air pollution,” explains Chicago Mayor Brandon Johnson. “By prioritizing investments in historically underserved areas and making clean transportation options more affordable and accessible, we can improve both mobility and public health.”
The Framework identifies other near-term policy objectives, as well – such as streamlining the EV charger installation process for businesses and residents and implementing “Low-Emission Zones” in areas disproportionately impacted by air pollution by limiting, or even restricting, access to conventional medium- and heavy-duty vehicles during peak hours.
The Chicago Moves Electric Framework includes the installation of Level 2 and DC fast charging stations in public locations such as libraries and Chicago’s Midway Airport, “supporting not only personal EVs but also electric taxis, ride-hail and commercial fleets.”
Chicago has a goal of installing 2,500 public passenger EV charging stations and electrifying the city’s entire municipal vehicle fleet by 2035.
Electrek’s Take
I hate to sound like a bed-wetting liberal here, guys, but Chicago is getting EVs absolutely right with big utility incentives on both vehicles and infrastructure, a governor willing to stand behind smart environmental policy, and a solid push for more and better infrastructure in the areas where they’ll do the most good. They’re even thinking of the children.
Here’s hoping more cities follow suit.
SOURCE: ComEd, via Smart Cities Dive; featured image by EVgo.
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With a fully-enclosed, G-Wagen-inspired body and an 80 mile electric range, the Bodo G-Wagon golf cart is the NEV you need when you decide it’s time to get serous one-upping the rest of the Palm Beach country clubbers.
If you love the look of the $230,000 Mercedes-Benz G580 off-roader, but think the 579 hp, 6,800 lb. electric 4×4 is probably overkill for occasional trips to the golf course and country club, this G-Wagen-inspired golf cart might be just what you’re looking for.
The shiny black 2024 Bodo G-Wagon sold at Mecum Auctions last month for $31,900, which seems like it might not be a lot of money to the sort of person who decides to take a flyer on a goofy, limited-use EV that ships with real, metal doors, power windows, heating and air conditioning, fully digital instrument cluster and infotainment, and a “posh,” caramel leather interior.
It even has windshield wipers, power steering, and a rear-seat entertainment system that’s built into the front headrests!
It’s really nice in there
Under the hood, the Bodo packs a 15 kW (20 hp) electric motor drawing power from a 10 kWh li-ion battery that won’t deliver a scorching 0-60 mph time (it only goes 35), but will deliver you and your buddies from one end of any golf course in North America and back several times over, thanks to the G-Wagon’s 80 mile range.
The official Mecum Auctions listing goes into a bit more detail, and I’ve included it here, in case it gets deleted after a while and you’re just finding this for the first time in 2027:
Be the envy of any country club or golf community showing up with this 2024 Bodo G-Wagon Golf Cart. Perhaps more appropriately known as an E-Wagon, this baby G-Wagon is powered by a 15kW motor with a 10kWh lithium battery. Boasting an 80-mile range and a 35 MPH top speed, the Bodo is an enclosed, luxury golf cart that pampers occupants with heating and air conditioning, rear-seat entertainment, power windows, power locks and a posh, caramel-colored interior. With the Bodo fitted with power steering and 4-wheel power disc brakes with brake boost, drivers will think they’re in a full-size G-Wagon, thanks to the multiscreen entertainment cluster, the rearview camera, windshield wipers, turn signals, running lights and so much more.
Finished in black with the right amount of brightwork, the overall vibe is one of jaw-dropping, smile-inducing fun. While the Bodo would be an excellent choice for any golf community, it should also prove to be hugely popular around a race track or car condo community as well, or maybe even a neighborhood with its own airplane runways. Over the past decade in particular, the demand for unique, luxury golf carts has been on the rise, and understandably so. The number of luxury communities with specific interests in sports, aero and auto has also been on the rise, with people buying homes in these exclusive locations to better engage with like-minded people. All too often a golf cart is the perfect way to get around these gated neighborhoods, and this one is enclosed, comes with the amenities of a full-size car and is infinitely more stylish.
You can check out a few more photos of the 2024 Bodo G-Wagon golf cart that sold at Mecum, below – and if you want one for yourself, you’re in luck! I found this brand-new 2025 “G600 E-Wagon” (in white) for $23,900 at Gulf Carts in Santa Rosa Beach, Florida. Head on down to the comments and let us know if you buy it.
G-Wagon golf cart gallery
SOURCE | LOTS MORE PHOTOS: Mecum Auctions.
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