Porsche Confirms Production Cuts on Boxster, 911

FRANKFURT March 4, 2003; Dow Jones reported that Porsche AG confirmed Tuesday it was cutting production by several thousand of its two sports car series, Boxster and 911.

"We've said that sports car unit sales will not reach the level of the previous (fiscal) year," spokesman Manfred Ayasse said, "and this means logically that we have to run down production since we don't manufacture cars for inventory."

Ayasse said markets have become more challenging due to a weak economic environment in Germany and the U.S. Uncertainties relating to a possible war in Iraq as well as a possible increase in the German company car tax were other factors leading to the decision.