Wheels coming off at Porsche? Friday, November 28, 2008
Image via WikipediaPorsche on Wednesday said revenues had plunged 15 per cent in the past four months and expected revenues in the four months to the end of November to come in below €2bn ($2.6bn). It expected unit sales to fall 18 per cent in the same period.
Fortunately, it has made considerable sums from share dealing practices in VW shares that would be considered market abuse in the UK, but which apparently are perfectly acceptable in Germany. The results of this were to impose considerable losses on hedge funds, albeit it is unclear how many were forced to close as a consequence.
Is it surprising that hedge fund managers can no longer afford to buy Porsche cars as a consequence?