Porsche sees continued car sales increase

Despite recession fears, Porsche AG’s global sales surged in August and the German sports car maker says it expects further growth in the coming months. The company sold around 95,000 cars last year and it plans to sell more than 100,000 cars in 2011. Its seventh generation of 911 model is expected to contribute to projected sales increase from December to 2012. Porsche Sales Chief Bernhard Maier said, “”We have the highest order intake in the company’s history and are likely to reach our sales targets.” His optimism is echoed by other European auto industry executives, who said that the recent financial turmoil in Europe and the U.S. have not hurt the demand for new Porsche cars. The company’s global sales rose by around 43% on the year in August to more than 9,000 cars. Significantly, sales of Porsche cars in China more than tripled year-on-year. Global sales in the January to August period reached more than 80,000 cars, a 30% increase. Porsche is investing a third of its research and development funds on technology that is designed to improve fuel efficiency. (September 11, 2011)