Porsche on Friday announced a cost-cutting programme and further production cuts after the German sports carmaker and owner of a majority stake in Volkswagen reported a fall in half-year operating profits and a sharp drop in sales.
Wendelin Wiedeking, Porsche’s chief executive, said the company had initiated a programme to cut costs by far more than €100m ($128m) and would idle its plants for another 19 days before this year’s summer break.
Porsche, like many other carmakers, has already halted production longer than usual over the Christmas break.
Mr Wiedeking’s comments came as Porsche’s sales dropped 27 per cent in the first six months of its fiscal year, which ended Saturday...
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