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Porsche Ag

BUSINESS
April 6, 1989 | JAMES RISEN, Times Staff Writer
Porsche, in a dramatic effort to halt an ongoing free-fall plunge in the American sales of its expensive sports cars, said Wednesday that it plans to cut the prices on some of its models by more than $3,000. The move to slash prices on its 944 series--the least expensive segment of its lineup--comes in the midst of a disastrous slump at the West German sports car maker. The rapid appreciation of the German mark against the U.S.
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BUSINESS
September 16, 1988
John Cook, the president of Reno-based Porsche Cars North America is leaving the company after he disagreed with directors on organizational changes. Company spokeswoman Martha McKinley said the management shake-up is not related to the lagging American sales of Porsche automobiles, down to about 18,000 cars a year following a peak of more than 30,000 in 1986.
BUSINESS
April 21, 1988 | DENISE GELLENE, Times Staff Writer
Porsche AG, the West German sports car maker, is discovering life in the slow lane. Once a sporty status symbol, Porsche seems to be losing some of its luster. Car owners who might have once considered a Porsche are now driving Ford Mustangs and Chevrolet Corvettes, said Kahled Abdel Majeed, an automobile industry analyst with the investment firm Drexel Burnham Lambert in New York. "The Porsche is under significant attack from American and Japanese automobile makers," he said.
SPORTS
April 11, 1988 | SHAV GLICK, Times Staff Writer
Better is half a loaf than no bread. --JOHN HEYWOOD Better, too, is half a Porsche than no race car. That apparently was the decision of Porsche officials after their new model chassis failed to measure up against Indy car competition, leading team manager Al Holbert to trot out a 1988 March chassis for Sunday's opening race at Phoenix--powered by a turbocharged 750-horsepower V-8 Porsche engine.
BUSINESS
December 18, 1987
Porsche, the West German luxury sports car maker whose sales have dropped severely in the vital U.S. market, will replace its chief executive with a cautious accountant. Porsche AG said Peter Schutz, 57, was stepping down at the end of 1987, a year before his contract expires. He will be replaced by the company's longtime finance director, Heinz Branitzki. A statement said the departure of Schutz, who joined Porsche as management board chairman in 1981, was in "mutual agreement."
NEWS
November 13, 1987 | Associated Press
The West German luxury sports car manufacturer Porsche AG today announced plans to cut production because of shrinking U.S. sales. The move will result in a "short-time" week for employees until the market improves. The auto maker did not know how many workers will be affected. Sales dropped dramatically last month--about 30% in the United States alone--due to the stock market crisis and the fall of the dollar, company spokesman Uwe Brodbeck said.
BUSINESS
January 24, 1985 | PATRICK BOYLE, Times Staff Writer
Peter Schutz's company may build some of the fastest production cars in the world, but the president of Porsche AG says the West German company should have slowed down on at least one of the decisions it made in 1984. That was the plan, unveiled nearly a year ago, to start selling its sports cars through "agents" rather than franchised dealers in the United States.
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