Porsche feels the recession
Hopes that the world's richest car company Porsche (it made more last year from stock trading than making cars) could avoid the recession have been dashed.

 

Today the German said sales fell by 15% in the first nine months of its financial year to 4.6 billion euros.

The result, which covered the period from August 1 to April 30, did not include sales at Volkswagen  in which Porsche holds a stake of 51 percent.

Porsche said its operating profit was also less than in the same period a year earlier, but did not provide figures.

"A look at global unit sales makes clear that no region is being spared the sharp decline in automobile markets," a statement said.

Looking ahead, the company declined to give a precise forecast but said sales were likely to fall below the level in its previous year.

 

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