Porsche sales fall as crisis crimps demand

Recent Outbreaks Posted on

Luxury sports car maker Porsche SE said Thursday that sales in the first four months of its fiscal year slid nearly 10 percent as the global economic downturn pinched demand.

The Stuttgart-based maker of the 911 sports car and the Cayenne sport utility vehicle said in a statement sales declined 9.7 percent to euro2.2 billion ($3.1 billion) from euro2.4 billion a year ago.

The company, whose fiscal year starts Aug. 1, did not release net profit figures.

Porsche said it sold 25,000 vehicles in the August-November period, a nearly 19 percent drop from the 31,000 it sold in the year-ago period.

Demand was down globally, with sales dropping 18.6 percent in its home market, Germany, and by 18.2 percent in North America. Elsewhere, sales dropped 19.1 percent.

Porsche said the operating profit target for the period could still be met — especially because of option positions it has on Wolfsburg-based Volkswagen AG, Europe's largest carmaker. Porsche is VW's largest shareholder.

Legal News Media

Legal News is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. We reserve the right, at our discretion, to change, modify, add, or remove portions of the site at any time. Your This site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.

 

American Bar Association – Start and Run a Law Firm

NewYorkStateBar.com – Starting a Law Firm

Lawyer Website Designs