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September 15, 2009

FRANKFURT SHOW: Porsche thinks bottom reached

Porsche on Tuesday said it believed the worst of the credit crunch slump was now over.

Porsche on Tuesday said it believed the worst of the credit crunch slump was now over.

CEO Michael Macht told a Frankfurt show press conference unit sales in the latest business year to 31 July fell 24% to 75,200 units though revenues were down only 12% to an estimated EUR6.6bn.

“Although the next few months will remain difficult, we are moderately optimistic for calendar 2010”, he said.

In fiscal 2008/2009, sales of the mainstay 911 line dropped 14% to 27,100 units. Cayenne SUV sales fell 25% to 34,300 units and Boxster sales totalled 13,100 units, off 40%, which Porsche attributed to a model  change last February.

Germany sales fell 9% to about 12,300 units but North America sales dived 30% to approximately 22,700 units.

“Porsche was hit harder in that market by the effects of the dramatic economic crisis,” the automaker said.

Sales outside the two main markets fell 23% to to 40,300 units.

Production was down 27% to 76,700 units.

Nonetheless, Porsche boosted its payroll by 450 jobs to 12,652.

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