Porsche is in for a rough ride, as the German sports car manufacturer is struggling to pay off the debts it incurred in the company’s flurry to acquire a bigger stake in Volkswagen. Things have reached a point where Porsche is fearing rejection of a loan worth 1.75 billion Euro requested from German state bank KfW, as the company tries to service some 9 billion Euro ($12.5 billion) in debt.
Porsche, as with most other companies in the automotive industry, is struggling in terms of sales and profitability. Porsche sales were down 28 percent over the previous 9 months, with only 53,635. Sources say that sales figures of the company’s Cayman and Boxster models were the most affected.
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