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Wednesday, 5 December, 2001, 16:33 GMT
Porsche sales gear up
Porsche car
The typical Porsche buyer is escaping the slowdown
Whatever the troubles besetting the global economy as a whole, the world's wealthy still have money to spend, if figures from Porsche are a guide.

The luxury car maker has announced record revenues for the four months to November.

Sales of Porsche's 911 Turbo and Boxster models rose 6.3% from a year ago to 1.2bn euros ($1.1bn).

And the company forecast even bigger profits to come, despite the economic slowdowns affecting its key markets - Germany and the US.

The figures come the same day as car giant Ford revealed it was heading for its worst trading performance since 1992.

Rich customers

Porsche chief executive Wendelin Wiedeking credited the firm's resilience to good engineering, management and distribution.

His findings are backed by many analysts, who in the early 1990s - when the firm lost $153m in a year on sales down 30% from their mid-1980s peak - had written Porsche off as a lost cause.

The assembly time of the 911 Turbo model is 60% less now than in 1992.

And the typical Porsche customer - a rich male in his 40s - has not yet been seriously hit by the economic turmoil and can afford to spend more than $110,000 on a new 911 Turbo.

The company hoped that 911 Turbo sales would help it hold its ground before the Cayenne, a sports utility vehicle, hits the market in July.

See also:

05 Dec 01 | Business
Ford warns of steep losses
20 Aug 01 | Business
Jobs reprieve at General Motors
16 Nov 01 | Business
Porsche profits race ahead
27 Apr 00 | Business
Porsche cuts car prices
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