Germany's luxury sportscar maker Porsche said today it was scaling back its employees' hours following a crash in sales during the past six months.
Porsche sold around 34,000 vehicles between August and the end of January, a fall of over 27% compared to the same period last year, the company said at its annual general meeting.
Group revenue dropped by 14% to around €3 billion as the economic crisis hammers the car industry around the world.
Porsche - the maker of the iconic 911 sportscar - said it was introducing new reductions in working hours to combat the slump in demand.
The company's CEO Wendelin Wiedeking said Porsche would slash the equivalent of 19 days between now and the Easter holidays in mid-April. This follows a cut of eight days in January at its main plant in Zuffenhausen in western Germany.
