Porsche Says It is Forced to Cut Workers' Hours

Sales have slumped

Porsche said on Sept. 3 it would be forced to cut workers' hours owing to a slump in sales. The maker of the 911 sports car foresees 18 days of shorter working hours by the end of the year at its main plant in Zuffenhausen, southwestern Germany.

The company had managed to avoid such measures though the use of flexible schedules agreed to by workers. But those "have reached their limits," personnel director Thomas Edig was quoted as saying.

Porsche sales have slumped over the past few months and key export markets were not expected to rebound strongly during the fiscal year that began on August 1, the company said.

Results for the 2008-2009 fiscal year are to be presented in mid September during the Frankfurt auto show.

In late July, Porsche forecast a pre-tax loss of five billion euros (US$7.15 billion) following the collapse of its bid to take over Volkswagen, the biggest European carmaker.

In the end, it appears that Porsche will be integrated at VW's 10 brand alongside other prestigious groups like Audi, Bentley, Bugatti and Lamborghini.

But the statement said that Porsche, considered the most profitable auto maker in the world, will report a profit margin of at least 10% for the year.

Copyright Agence France-Presse, 2009

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