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Porsche sales roar ahead
FRANKFURT, Germany (CNN) -- Porsche, the world's most profitable car maker, has seen sales in the first four months of its financial year rise 3.1 percent to 1.31 billion euros ($1.3 billion). The maker of the 911 and Boxster model said on Wednesday it was "optimistic" about the rest of the year for sales of its Cayenne sport-utility vehicle. The Cayenne is pitched against BMW's popular X5 and Ford's Land Rover. While mass market car makers have been struggling with falling demand, luxury manufacturers, like BMW and DaimlerChrysler's Mercedes-Benz, have fared much better.
But Porsche's sales in it biggest market, the United States, fell nine percent in November as demand for its entry-level Boxster weakened. "With this sporty vehicle, Porsche will strongly increase unit sales and revenue,'' the company said in the statement to the Frankfurt stock exchange. Unit sales in the four months to the end of November came in at 14,717 cars, up just 0.1 percent from levels seen a year ago. Chief Executive Wendelin Wiedeking, who brought the company back from the brink of bankruptcy in the mid-1990s, expects the Cayenne to boost sales by about 50 percent. The Cayenne is priced at 100,000 euros and the Turbo version has a top speed of 266 kilometres (165 miles) an hour. The more modest Cayenne S, with a price tag of about 60,000 euros, has a top speed of 243 km an hour. The Stuttgart-based company said in October that pretax profit rocketed 40 percent to 828.9 million euros for its business for the year ending July 31. Porsche's stock rose almost 1 percent to 462 euros in early Frankfurt trading, while the wider market opened 1 percent lower. Reuters contributed to this report.
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