Navigating the wind: European turbine makers brace for blows from the East
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NAVIGATING THE WIND: EUROPEAN TURBINE MAKERS BRACE FOR BLOWS FROM THE EAST
As the European automobile industry reels from the EU's decision to press ahead with Chinese EV tariffs, another significant industry is feeling pressure from the East: wind turbine manufacturing.
"Chinese wind OEMs displaced western competition in its home market, successfully taking share across emerging markets, and now targeting Europe," Barclays warns.
Nordex NDXG.DE, which recently strengthened its balance sheet by simplifying debt and converting shareholder loans to equity, now faces a more robust financial footing.
However, the competition is mounting, and itcould fragment the market, challenging Nordex's long-term profitability targets.
Barclays notes that the group's ability to generate sizable free cash flow may only materialise by 2026, leaving it vulnerable to headwinds in the meantime.
Siemens Energy's ENR1n.DE return to onshore bidding, coupled with Chinese peer Sany's plans to establish local production as early as next year, also signals a tougher competitive environment, especially since Chinese firms currently enjoy a 30% cost advantage.
Facing similar competitive pressures, Vestas VWS.CO has had its outlook downgraded by Kepler Cheuvreux, as the broker points to slower growth expectations in Europe and increasing competition from Chinese peers in emerging markets.
"Offshore OEM business will continue to run at a loss until 2026," the broker notes.
While immediate repercussions may not suggest a drastic shift, Chinese turbine makers' lower pricing and favorable payment terms could reshape the sector landscape.
(Jesus Calero)
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