Upper Austrian two-wheeler manufacturer Pierer Mobility is giving up its forecast. The board of directors will also be reduced from six to two: Stefan Pierer (CEO) and Gottfried Neumeister (co-CEO).
Upper Austrian two-wheeler manufacturer Pierer Mobility (formerly KTM) owned by industrialist Stefan Pierer is also suffering in the second half of the year. Job cuts were announced in the first half of the year after sales fell.
Now the group, which is one of Europe’s largest motorcycle manufacturers, is falling short of expectations in the second half of the year and has therefore canceled its sales and earnings forecast for 2024. The board will be reduced from six to two: Stefan Pierer (CEO) and Gottfried Neumeister (Co-CEO).
On the Swiss stock exchange SIX, Pierer Mobility shares fell more than 20 percent to 13.94 Swiss francs on Tuesday.
In the US, sales figures fell 6.3 percent between January and September; September was even the weakest month since the beginning of the year, with a decrease of 14.6 percent. “Therefore it cannot be assumed that there will be a quick recovery,” the company announced on Monday evening.
In Europe, registration data for the overall motorcycle market from January to September 2024 is at the level of the previous year due to increases in the low-priced segment, but it is weakening. To support dealers and suppliers, Pierer Mobility has taken on more debt. The extraordinary need for devaluation will be higher than initially thought. “There will also be another review by the end of the year regarding non-cash value adjustments,” the statement said. (APA)