A Siemens Gamesa blade factory on the banks of the River Humber in Hull, England on October 11, 2021.
PAUL ELLIS | AFP | Getty Images
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 Gamesa could drag on for years, sending shares tumbling.
“The quality problems really result from the past, but I think we have too fast rolled out platforms into the market,” Bruch told CNBC’s “Squawk Box Europe” on Monday.
“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.”
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 —significantly worse than previously expected.
Shares in the company fell around 5% when markets opened in Frankfurt but swiftly recovered to trade 2.6% higher.
On a positive note, Siemens Energy — born from the spinoff of the former gas and power division of German conglomerate Siemens — posted strong growth in orders and revenue, and logged a record order backlog of 109 billion euros in its third-quarter earnings report Monday.
“I still believe the market itself, and you see that with the 7.5 billion orders we’ve got in the wind business this quarter, is a very interesting growth market,” Bruch added.
“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.”
Siemens Energy said a “favorable market environment” saw it book orders of 14.9 billion euros for the quarter, reflecting 54.2% year-on-year growth, primarily driven by large orders at Siemens Gamesa and Grid Technologies.
Revenues increased by 8% on a comparable basis to 7.5 billion euros, but the company recorded a third-quarter net loss of 2.93 billion euros compared to the 564 million euro loss reported for the same quarter of 2022.
This included “negative tax effects from valuation allowances on deferred tax assets in connection with the charges at Siemens Gamesa,” the company said.
Siemens Energy plans to shift its focus to fewer product platforms and target certain regions for development, Bruch said, adding that a detailed strategy will be laid out at the company’s capital markets day in November.
First Solar just cut the ribbon on a huge new factory in Iberia Parish, Louisiana, and it dwarfs the New Orleans Superdome. The company’s $1.1 billion, fully vertically integrated facility spans 2.4 million square feet, or about 11 times the size of the stadium’s main arena.
The factory began production quietly in July, a few months ahead of schedule, and employs more than 700 people. First Solar expects that number to hit 826 by the end of the year. Once it’s fully online, the site will add 3.5 GW of annual manufacturing capacity. That brings the company’s total US footprint to 14 GW in 2026 and 17.7 GW in 2027, when its newly announced South Carolina plant is anticipated to come online.
The Louisiana plant produces First Solar’s Series 7 modules using US-made materials — glass from Illinois and Ohio, and steel from Mississippi, which is fabricated into backrails in Louisiana.
The new factory leans heavily on AI, from computer vision that spots defects on the line to deep learning tools that help technicians make real‑time adjustments.
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Louisiana Governor Jeff Landry says the investment is already a win for the region, bringing in “hundreds of good-paying jobs and new opportunities for Louisiana workers and businesses.” A new economic impact analysis from the University of Louisiana at Lafayette projects that the factory will boost Iberia Parish’s GDP by 4.4% in its first full year at capacity. The average manufacturing compensation package comes in at around $90,000, more than triple the parish’s per capita income.
First Solar CEO Mark Widmar framed the new facility as a major step for US clean energy manufacturing: “By competitively producing energy technology in America with American materials, while creating American jobs, we’re demonstrating that US reindustrialization isn’t just a thesis, it’s an operating reality.”
This site joins what’s already the largest solar manufacturing and R&D footprint in the Western Hemisphere: three factories in Ohio, one in Alabama, and R&D centers in Ohio and California. Just last week, First Solar announced a new production line in Gaffney, South Carolina, to onshore more Series 6 module work. By the end of 2026, the company expects to directly employ more than 5,500 people across the US.
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No, it’s not the new Bolt. GM’s design team previewed a new high-riding “sporty Chevrolet EV” that should be brought to life.
Is Chevy launching a new sporty EV?
This is the all-electric vehicle Chevy should sell in the US. General Motors’ design team released a series of sketches previewing a sporty new Chevy EV.
Although it kinda looks like the new 2027 Chevy Bolt EV as a higher-sitting compact crossover SUV, the design offers a fresh take on what it should have looked like.
The new Bolt is essentially a modernized version of the outgoing EUV model with a similar compact crossover silhouette. Nissan adopted a similar style with the new 2026 LEAF as buyers continue shifting from smaller sedans and hatchbacks to crossovers and SUVs.
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Will we see the sporty Chevy EV in real life? It’s not likely. For one, the “exploration sketch” is by GM China Advanced designer Charles Huang.
GM Design posted the sketches on its global social media page, but the caption read “Sporty Chevrolet EV for the China Market.”
It’s too bad. The Bolt could use a sporty sibling like an SS variant. Chevy introduced the Blazer EV SS (check out our review) for the 2026 model year, its fastest “SS” model yet. Packing up to 615 horsepower and 650 lb-ft of torque, the Chevy Blazer SS can race from 0 to 60 mph in 3.4 seconds when using Wide Open Watts (WOW) mode.
Will the Bolt be next? I wouldn’t get my hopes up. And if GM does bring the sporty Chevy EV to life, it will likely only be sold in China. Like all the fun cars these days.
The 2027 Chevy Bolt EV RS (Source: Chevrolet)
What do you think of the design? Would you buy one of these in the US? Let us know your thoughts in the comments.
While deliveries of the 2027 Bolt are set to begin in early 2026, Chevy is offering some sweet deals on its current EV lineup, including up to $4,000 off in Customer Cash and 0% APR financing for 60 months.
Ready to test drive one? You can use our links below to find Chevy Equinox, Blazer, and Silverado EVs at a dealership near you.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss electricity becoming the base currency, Tesla Robotaxi crashes, the new Porsche Cayenne EV, and more.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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