Porsche CEO drops plan for entry-level model: report
BERLIN (Reuters) - German sports car maker Porsche (VOWG_p.DE)(PSHG_p.DE) has dropped plans to build a two-seater vehicle which would have been smaller and cheaper than its Boxster model, Stuttgarter Zeitung reported on Saturday, citing Chief Executive Officer Matthias Mueller.
Such plans would risk diluting the brand and alienate traditional customers, according to Mueller.
"We would do no good to the brand if we were to lose traditional Porsche customers" by pursuing a smaller Boxster model, the CEO was quoted as saying in an interview.
Mueller said Porsche also has no immediate plans to develop a smaller version of its four-door Panamera sedan, though he indicated that such a model could become an option in five or six years.
Porsche is aiming to increase annual deliveries to about 200,000 sports cars and SUVs by taking advantage of resources at Volkswagen. Europe's largest auto manufacturer owns 49.9 percent of Porsche's core business and is currently examining ways to purchase the remainder.
(Reporting By Andreas Cremer; Editing by Toby Chopra)
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.