Forecasts capped
Crisis at KTM continues: Management Board to be shrunk
Last week, voestalpine caused a stir by having to adjust its plans for the 2024/25 financial year because the steel group will make less profit than expected. Now Pierer Mobility is also having to revise its forecasts. The crisis at the motorcycle and e-bike manufacturer continues. This also has consequences for the management.
In July, Pierer Mobility surprised everyone with the departure of CFO Viktor Sigl. At the same time, the group of companies, which includes the motorcycle brands KTM, GasGas, Husqvarna and MV Agusta, announced that Gottfried Neumeister would be joining the Mattighofen-based company's management team from September.
Neumeister, who used to work at DO & CO, and owner Stefan Pierer are now the only two remaining managers on the Pierer Mobility board. On Monday evening, the two-wheeler specialist from Upper Austria announced that the Management Board will be reduced from six to just two members.
Reduction in stock is progressing more slowly
The dual leadership now wants to get Pierer Mobility back on track. No easy task, as the market is weakening. Demand for motorcycles in the USA is stuttering, while in Europe it is relatively stable, but bikes from the low-price segment are taking off. As a result, the destocking at KTM and Co. is progressing, but not as quickly as originally thought.
For this reason, the company also cut its original plans and expectations for turnover, earnings and the development of net debt for the 2024 financial year on Monday. A new review will be carried out by the end of the year to determine whether cash value adjustments are necessary.
Several hundred employees had to leave
Back in December 2023, Pierer Mobility announced that it was relocating parts of its production and research and development to Asia. Several hundred employees were affected by these measures. They had to leave the company.
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