It now expects organic sales growth in the current fiscal year of around 15%, at the lower end of its previously set guidance range of 15-20%.

Rheinmetall confirmed its previous earnings guidance for fiscal 2022, with the operating result expected to improve and the operating margin expected to come in at over 11%.

The German automotive industry has been struggling with supply-chain disruptions and semiconductor shortages for some time, with the fallout of the war in Ukraine and recent COVID-19 lockdowns in China only adding to the sector's woes.

(Writing by Rachel More, editing by Kirsti Knolle)