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Porsche to invest EU10 Million to build Russia headquarters |
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Written by Yves
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Tuesday, 05 October 2004 |
Porsche AG, the maker of 911 sports cars, is investing 10 million euros ($12.3 million) to build its Russian headquarters in Moscow as the company expands in Eastern Europe.
Porsche AG, the maker of 911 sports cars, is investing 10 million euros ($12.3 million) to build its Russian headquarters in Moscow as the company expands in Eastern Europe.
The German car manufacturer signed a 49-year lease with the City of Moscow for the land on which the headquarters will be built, Porsche said in a faxed statement. The company will also build dealerships in St. Petersburg and Yekaterinburg.
Porsche is relying on the Cayenne sport-utility vehicle and the $42,600 Boxster, which is more affordable than the 911, to bolster earnings so that it can remain independent. The company is also opening 13 North American dealerships next year, the first additions in a decade, as rising sales of Cayenne increase demand for the brand in smaller cities such as Boise, Idaho, and Green Bay, Wisconsin.Only registered users can write comments.
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