VW's Porsche to reduce production and spending in 2013

  • Volkwagen's sports car brand Porsche is to reduce investment spending and production next year in a bid to make up for lower-than-expected car sales.

    "We will possibly delay the one or the other project," Porsche brand chief Matthias Mueller said on the sidelines of the launch of the new Boxster car.

    He added that vehicle sales in 2013 could be between 5-10 percent below the company's target but are expected to match this year’s figures.

    Holding company Porsche SE sold its 50.9 percent stake in Porsche sports cars to Volkswagen last month, making the luxury car brand a 100 percent owned subsidiary of the Wolfsburg-based manufacturer.