Porsche to Cut Production

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. He said the company decided to reduce the annual production by a total of 7,300 cars.