VW's Porsche to trim car output, spending in 2013
OSNABRUECK, Germany, Sept 19
OSNABRUECK, Germany, Sept 19 (Reuters) - Volkwagen's sports car brand Porsche will reduce investment spending and cut costs next year to offset lower-than-expected car sales and maintain its high profitability in 2013.
"We will possibly delay the one or the other project," Porsche brand chief Matthias Mueller said on the sidelines of the production launch of the new Boxster.
He added that vehicle sales next year could be between 5-10 percent below the company's internal target, but they should still be on par with the number sold in 2012. The company will also moderately reduce its production in 2013, he said.
Holding company Porsche SE sold its 50.9 percent stake in Porsche sports cars to Volkswagen in August, making the brand a 100 percent owned subsidiary of the Wolfsburg-based carmaker. (Reporting By Jan Schwartz; Writing by Christiaan Hetzner)
- Tweet this
- Share this
- Digg this
- Weinstein brothers sue Time Warner over 'Hobbit' films
- UPDATE 2-Budget deal headed to vote in U.S. House, passage predicted
- SPECIAL REPORT - In the land of the holy cow, fury over beef exports
- U.S. foundation buys Hopi masks at auction to return to tribe
- CANADA STOCKS-Fed fears yank TSX to biggest drop in 5-1/2 months