Panamera
11-25-2008, 09:57 PM
#61
Drifting
Dan, You must be kidding. Porsche sales are down 50% and they stopped production on the new 997.2 based on low demand. This economy impacts "everyone". I'm in the luxury goods business and sales are way off.
11-25-2008, 10:25 PM
#63
Drifting
Porsche to Shutter Plant for 7 Days as Car Sales Fall (Update1)
By Andreas Cremer
Nov. 25 (Bloomberg) -- Porsche SE, the maker of the 911 sports car, said it will suspend production at its main plant for seven days to help cope with dwindling auto sales.
Porsche fell the most in a month in Frankfurt trading after the company said today it will idle the factory in Stuttgart, where it is based. Production was also halted for one day last week, the carmaker said in a statement, without specifying on which days the other closures will fall.
“I don’t think that Porsche’s customers have suddenly fallen into poverty, but they’re reacting to the fact that it may be inappropriate to pull up in a new Porsche when their neighbor’s house is being foreclosed,” said Christoph Stuermer, a Frankfurt-based analyst with research firm IHS Global Insight. “It’s an appropriate reaction.”
Wages won’t be affected by the shutdown because of overtime working already banked by workers, Porsche said. Volkswagen AG, Europe’s largest carmaker, said earlier it may halt production at its hometown plant in Wolfsburg, Germany, for more than three weeks starting next month to help cope with shrinking markets. Porsche has a controlling stake in the larger company.
“Porsche, too, cannot escape the current downward trend in the automobile industry,” the company said in its statement, reiterating that unit sales in the year ending July 31 won’t match the 98,652 cars delivered in fiscal 2008.
Porsche declined 5.66 euros, or 10 percent, to 50.34 euros and was trading at 51.83 euros as of 4:37 p.m. local time. The stock has lost 62 percent this year, giving a market value of 9 billion euros ($12 billion).
By Andreas Cremer
Nov. 25 (Bloomberg) -- Porsche SE, the maker of the 911 sports car, said it will suspend production at its main plant for seven days to help cope with dwindling auto sales.
Porsche fell the most in a month in Frankfurt trading after the company said today it will idle the factory in Stuttgart, where it is based. Production was also halted for one day last week, the carmaker said in a statement, without specifying on which days the other closures will fall.
“I don’t think that Porsche’s customers have suddenly fallen into poverty, but they’re reacting to the fact that it may be inappropriate to pull up in a new Porsche when their neighbor’s house is being foreclosed,” said Christoph Stuermer, a Frankfurt-based analyst with research firm IHS Global Insight. “It’s an appropriate reaction.”
Wages won’t be affected by the shutdown because of overtime working already banked by workers, Porsche said. Volkswagen AG, Europe’s largest carmaker, said earlier it may halt production at its hometown plant in Wolfsburg, Germany, for more than three weeks starting next month to help cope with shrinking markets. Porsche has a controlling stake in the larger company.
“Porsche, too, cannot escape the current downward trend in the automobile industry,” the company said in its statement, reiterating that unit sales in the year ending July 31 won’t match the 98,652 cars delivered in fiscal 2008.
Porsche declined 5.66 euros, or 10 percent, to 50.34 euros and was trading at 51.83 euros as of 4:37 p.m. local time. The stock has lost 62 percent this year, giving a market value of 9 billion euros ($12 billion).
11-25-2008, 10:35 PM
#64
Porsche to Shutter Plant for 7 Days as Car Sales Fall (Update1)
By Andreas Cremer
Nov. 25 (Bloomberg) -- Porsche SE, the maker of the 911 sports car, said it will suspend production at its main plant for seven days to help cope with dwindling auto sales.
Porsche fell the most in a month in Frankfurt trading after the company said today it will idle the factory in Stuttgart, where it is based. Production was also halted for one day last week, the carmaker said in a statement, without specifying on which days the other closures will fall.
“I don’t think that Porsche’s customers have suddenly fallen into poverty, but they’re reacting to the fact that it may be inappropriate to pull up in a new Porsche when their neighbor’s house is being foreclosed,” said Christoph Stuermer, a Frankfurt-based analyst with research firm IHS Global Insight. “It’s an appropriate reaction.”
Wages won’t be affected by the shutdown because of overtime working already banked by workers, Porsche said. Volkswagen AG, Europe’s largest carmaker, said earlier it may halt production at its hometown plant in Wolfsburg, Germany, for more than three weeks starting next month to help cope with shrinking markets. Porsche has a controlling stake in the larger company.
“Porsche, too, cannot escape the current downward trend in the automobile industry,” the company said in its statement, reiterating that unit sales in the year ending July 31 won’t match the 98,652 cars delivered in fiscal 2008.
Porsche declined 5.66 euros, or 10 percent, to 50.34 euros and was trading at 51.83 euros as of 4:37 p.m. local time. The stock has lost 62 percent this year, giving a market value of 9 billion euros ($12 billion).
By Andreas Cremer
Nov. 25 (Bloomberg) -- Porsche SE, the maker of the 911 sports car, said it will suspend production at its main plant for seven days to help cope with dwindling auto sales.
Porsche fell the most in a month in Frankfurt trading after the company said today it will idle the factory in Stuttgart, where it is based. Production was also halted for one day last week, the carmaker said in a statement, without specifying on which days the other closures will fall.
“I don’t think that Porsche’s customers have suddenly fallen into poverty, but they’re reacting to the fact that it may be inappropriate to pull up in a new Porsche when their neighbor’s house is being foreclosed,” said Christoph Stuermer, a Frankfurt-based analyst with research firm IHS Global Insight. “It’s an appropriate reaction.”
Wages won’t be affected by the shutdown because of overtime working already banked by workers, Porsche said. Volkswagen AG, Europe’s largest carmaker, said earlier it may halt production at its hometown plant in Wolfsburg, Germany, for more than three weeks starting next month to help cope with shrinking markets. Porsche has a controlling stake in the larger company.
“Porsche, too, cannot escape the current downward trend in the automobile industry,” the company said in its statement, reiterating that unit sales in the year ending July 31 won’t match the 98,652 cars delivered in fiscal 2008.
Porsche declined 5.66 euros, or 10 percent, to 50.34 euros and was trading at 51.83 euros as of 4:37 p.m. local time. The stock has lost 62 percent this year, giving a market value of 9 billion euros ($12 billion).
11-25-2008, 10:45 PM
#65
Drifting
They've also cancelled participation in the Detroit and Chicago auto shows, along with Nissan. They're apparently focussing their attention on their best markets, like California.
11-26-2008, 12:33 AM
#66
Burning Brakes
Join Date: Dec 2005
Posts: 1,236
Likes: 0
Received 0 Likes
on
0 Posts
11-26-2008, 07:18 AM
#67
Rennlist Member
I was surprised to read about the Porsche factory closing down. I seem to recall GM closing the Corvette plant for a week a few months ago for similar reasons. I don't know if it will apply to the robots putting together the GT-R although given the auto industry history, it will be a short time before the robots are unionized.
11-26-2008, 10:13 AM
#68
Drifting
I think the point here is many levels of industry are impacted by the current economic conditions. Dan indicated that the "upper" level people that buy 997's and Panamera's were not effected. I believe nearly everyone is impacted unless you have kept your money under the mattress and have no concern about your employment or income.
11-26-2008, 10:43 AM
#69
Burning Brakes
Join Date: Dec 2005
Posts: 1,236
Likes: 0
Received 0 Likes
on
0 Posts
All that aside, I still hope everyone on here is going to have a Happy Thanksgiving tomorrow!
11-26-2008, 05:13 PM
#72
Drifting
I think we have a wait judgement until we can see one in person. The pics I've seen don't look that compelling. I'm not putting a for sale sign on my E just yet......
11-26-2008, 05:47 PM
#73
Banned
Join Date: Aug 2005
Location: I'm not sell'n anythang... much..
Posts: 8,215
Likes: 0
Received 0 Likes
on
0 Posts
Hmm. Interesting. I just showed Chad this thread.....
Listen guys; Porsche is a very smart company. They'll do fine. As will MOST OF YOU. Let's cut the crapola, most Porsche type clientel will continue to be fine, even in the hardest of time.
Im not saying, let's continue the party and keep buying all sorts of cars. As much as I'd like to; however Porsche will resume production and break again for Christmas.
What the article isn't tell you is that Porsche has recieved a very strong response for Orders of the 997mkII; as have I.
You get a fantastic car and a fantastic price- and get to enjoy it until the Economy comes back around again. And it will.
The sky isn't falling unless you 100% believe it is.
Listen guys; Porsche is a very smart company. They'll do fine. As will MOST OF YOU. Let's cut the crapola, most Porsche type clientel will continue to be fine, even in the hardest of time.
Im not saying, let's continue the party and keep buying all sorts of cars. As much as I'd like to; however Porsche will resume production and break again for Christmas.
What the article isn't tell you is that Porsche has recieved a very strong response for Orders of the 997mkII; as have I.
You get a fantastic car and a fantastic price- and get to enjoy it until the Economy comes back around again. And it will.
The sky isn't falling unless you 100% believe it is.
11-26-2008, 06:20 PM
#74
Drifting
The sky isn't falling BUT it may be a while before business (including yours) gets to reasonable levels. New products always help drive sales and I agree, the early adopters will buy 997.2's, Panamera's, etc but we have to see at what levels. I'm sure when the next gen E class comes out you will have a good launch too. The issue isn't the world has stopped but it has taken a pause from high levels of spending for a while, even people with the dough. Let's see what happens over the next 6 months.
11-26-2008, 07:04 PM
#75
Banned
Join Date: Aug 2005
Location: I'm not sell'n anythang... much..
Posts: 8,215
Likes: 0
Received 0 Likes
on
0 Posts
The sky isn't falling BUT it may be a while before business (including yours) gets to reasonable levels. New products always help drive sales and I agree, the early adopters will buy 997.2's, Panamera's, etc but we have to see at what levels. I'm sure when the next gen E class comes out you will have a good launch too. The issue isn't the world has stopped but it has taken a pause from high levels of spending for a while, even people with the dough. Let's see what happens over the next 6 months.
It's going to be interesting for sure.