Porsche, whose fiscal year starts on Aug. 1, said today that sales fell 14 percent during the first six months due to the world economic crisis that have hurt demand. Sales fell a total of 27 percent to 34,000 units during the first six months of its fiscal year.
Porsche will release its net profit figures in March after Volkswagen AG releases its latest earnings. The German sports car maker holds the largest stake in Volkswagen AG at 50.8 percent.
Porsche CEO Wendelin Wiedeking said that Porsche will pursue further production cuts and other cost saving methods. He said that job cuts are “not on the current agenda.”
Wiedeking said that Porsche still hopes to acquire a total of 75 percent in Volkswagen this year despite the difficult economic situation. He said that disputes between employees at both company’s have largely been cleared up.
Source: Detroit News