Porsche announced this morning that it would extend shortened working hours at the Zuffenhausen plant until the end of March 2010.
In the coming three months, approximately 2,300 employees who make 911 sports cars will not be working on a total of 16 days, according to a statement issued jointly by the Management Board and Works Council of Dr. Ing. h.c. F. Porsche AG.
This follows short time of 18 days for the September to December period.
The Works Council said it came to an agreement with Porsche to ensure that employees will “suffer no financial disadvantages” because of these shortened hours.
It is the first time since 1995 that the sports car manufacturer shortened hours, in what was once thought to be a recession proof business.
In November, Porsche SE reported it lost (-€4.4) billion before taxes for the business year 2008/09, or operations for August 1, 2008 to July 31, 2009. Net loss was (-€2.52) billion for the 12 months.
The loss was Porsche’s first annual deficit since 1994.