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Old 11-26-2008, 12:51 PM   #1
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Default Porsche sales hit - production stops - VW stake increase postponed

The financial crisis is hitting the bottom line at virtually all car companies, in order to make ends meet many are starting to take measures to reduce costs in the short term. Even Porsche is predicting that their revenue in the four months through November will fall 15 percent from a year ago, forcing them to re-evaluate their current strategy.
By company estimates this will result in a nearly 300 million year-to-year drop in revenue in just four months thanks to an estimated 5,500 fewer Porches being sold. The sales slump has also spread to Porsche's biggest market, the United States.
In order to deal with the lack of demand Porsche will cut production through the end of January. It also appears that Porsche's planned takeover of Volkswagen will be delayed, as Porsche doesn't appear ready to pass the 50 percent ownership mark of VW. The company's CEO Wendelin Wiedeking said of the Volkswagen takeover "In view of the current economic environment, it is becoming increasingly unlikely that we will reach this target in this calendar year."
tuttgart, Germany - Porsche AG has cut vehicle production, including stopping assembly for the first time at its parent plant in Zuffenhausen, due to worldwide decline in demand and the current economic crisis. Production at the Zuffenhausen plant was stopped on November 21, and seven additional days off have been scheduled up to the end of January 2009.
The company said it is no longer expecting to achieve the high sales figures for the 2008/2009 fiscal year that it reached in the previous year, when it sold 98,652 vehicles.

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Old 11-26-2008, 12:53 PM   #2
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So close to 100k a year......

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