German automotive provider SHW Automotive GmbH stated a maker of electric vehicles had canceled a 100 million euro ($107 million) order, sending its shares down as much as 9.5 percent to a four-month short on Tuesday.
SHW, that assembles pumps and engine parts along with brake discs, stated the client – which it didn’t name – had actually canceled an order awarded last September, and asked SHW to stop preparations for production, initially due to start in the first half of this year.
SHW stated the client felt technical requirements for axle-drive pumps cannot meet its requirements.
However, SHW stated it did decline this factor and booked the right to look for damages.
Shares in Aalen, Germany-based SHW were 7.5 percent low to 30.12 euros at 1321 GMT, having traded as down as 29.49 euros.
Spokespeople in Germany for Renault-Nissan and Toyota – both significant producers of electric automobiles – didn’t return calls seeking comment, while a spokesperson for Tesla had no immediate remark.
