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Porsche sales hit - production stops - VW stake increase pos

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Porsche sales hit - production stops - VW stake increase pos

Post by LhYnxz on Thu Nov 27, 2008 12:57 pm

Revenue expected to fall by 15%
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."


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