Porsche switches Panamera debut to Shanghai

Porsche says it has decided to switch the debut of the Panamera four-door coupe to the Shanghai auto show next April from the Geneva show in early March, as had been planned.

Porsche says the switch reflects the growing importance of China, India and Russia in its global sales strategy. Porsche sold 8,190 vehicles in China in fiscal 2007-2008, more than twice as many as in the previous year.

At the same time, sales fell sharply in the traditional markets of Europe and North America. In Germany, sales fell 5.4 percent from a year earlier to 13,524 units, Porsche said.

Porsche CEO Wendelin Wiedeking says he is hoping for "new market opportunities" and a "stronger presence" in regions like China and the Middle East.

Despite the change in launch venue, Porsche said the driving presentation for the international press still will take place in Germany in June.

Porsche is sticking with its target of selling 20,000 Panameras per year despite the economic crisis. In the text of the company's financial statement for fiscal 2007-2008, however, Wiedeking offered a qualification.

"In no case will we produce too many," he said. "In that case, I would intervene myself."

Reflecting its equity stake in Volkswagen, Porsche generated more pretax profit in the fiscal year ended Sept. 30 than revenue. The company said it had a profit of nearly 8.6 billion euros, or about $11 billion, on revenue of nearly 7.5 billion euros, or $9.6 billion.