Porsche to trim car output, spending in 2013
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The Porsche Boxster on an assembly line on the first day of its official production at the Volkswagen plant in Osnabrueck, Germany, today. Photo credit: REUTERS |
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OSNABRUECK, Germany (Reuters) -- Volkwagen AG's Porsche unit 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 production in 2013, he said.
Auto sales in Europe have slowed this year amid the region's ongoing economic slump, and new-vehicle demand is slowing in China, as well.
Porsche's global sales have increased 15 percent this year through August to 92,474 vehicles.
In 2011, Porsche sold a record 118,867 vehicles worldwide; a 22 percent increase compared with the year before. The brand's biggest markets are the United States and China.
In July, the company said itexpects to increase profits this year as record vehicle sales help offset high costs for model launches and factory extensions.
In the first half of 2012, Porsche's operating profit rose by about a fifth to 1.26 billion euros ($1.55 billion) on robust sales of models such as the 911 sports car and the Cayenne SUV.
Porsche's first-half revenue advanced 30 percent to 6.76 billion euros on surging deliveries in the United States and China.
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 automaker.
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