German sports car maker Porsche SE said Wednesday it expects revenue in the four months through November to fall some 15% from a year ago, as sales slump amid the global economic crisis.
In a preliminary estimate, Porsche said it expects to report revenue of slightly more than two billion euros (US$2.56 billion) for the first four months of its fiscal year—down from 2.36 billion euros in the same period last year.
It said vehicle sales likely declined to 25,200 from 30,700. Porsche plans to release precise figures for the period in mid-December.
The maker of the 911, Boxster and Cayman sports cars and the Cayenne SUV said it expects a “noticeable decline” in sales for the full fiscal year.
“Worldwide, signs of a serious slump in the automobile industry are clearly visible,” Porsche said in a statement. “Particularly in the United States, the single biggest market for Porsche, possible developments in the future make it difficult to reliably calculate.”
On Monday, Porsche said it had stopped assembly lines for the day last Friday at its main plant and said it would halt production for seven more work days through the end of January to adapt to weaker demand.
Porsche reported a net profit of nearly 6.4 billion euros for its financial year ended July 31, up from 4.2 billion euros in the previous year, largely because of its investment in fellow German automaker Volkswagen AG—Europe’s biggest carmaker by sales.
Porsche said it is standing by its target of building up its stake in Volkswagen to 75% next year. However, Porsche CEO Wendelin Wiedeking signalled that it may not exceed the 50% ownership mark by the end of this year as it had planned.
“In view of the current economic environment, it is becoming increasingly unlikely that we will reach this target in this calendar year,” he said.
