Porsche AG, the renowned German luxury sports car manufacturer, has been compelled to revise its sales and profit projections for the year due to an unexpected disruption in its aluminium alloy supply chain. This announcement, made on Tuesday, led to a significant 4 per cent&nbsp;drop in the company's stock price, positioning it at the bottom of Frankfurt's prestigious blue-chip index.

The root cause of this supply chain disruption has been attributed to severe flooding at a European contractor's facility, though Porsche has not disclosed the specific location or identity of this supplier. The impact of this event is far-reaching, affecting the production of Porsche's entire model range and potentially leading to temporary shutdowns for one or more vehicle series.

In a formal communication, Porsche revealed that the affected supplier had invoked force majeure in writing. This legal provision allows a party to be relieved of its contractual obligations due to extraordinary circumstances beyond its control, such as natural disasters or other unforeseen events.

Novelis, a subsidiary of Hindalco Industries and a key aluminium supplier to a joint venture co-owned by Porsche, confirmed that it had informed its automotive customers of a force majeure event. This event necessitated the closure of one of its plants in late June. While the aluminium shortage has also impacted other German premium automakers like BMW and Mercedes-Benz, these companies have managed to secure alternative suppliers, mitigating the impact on their operations.

Constellium, a U.S.-listed aluminium manufacturer headquartered in France, clarified that it does not supply Porsche from its Swiss facility. However, the company disclosed in its earnings statement that it remains uncertain about when production will resume at its Valais facilities, which were affected by flooding in late June.

When approached for comment, Norsk Hydro CEO Eivind Kallevik declined to provide information on whether the Norwegian aluminium producer could increase its output to address the shortfall or if it had received inquiries from customers seeking additional product. It's worth noting that all three of these companies list Porsche or its affiliated firms among their clientele.

The aluminium alloy shortage is particularly problematic for Porsche because aluminium components are integral to all of its vehicle series. This reliance on a single supplier has exposed the company to significant risk. This latest challenge adds to a series of issues Porsche has faced in recent months, including software problems, product delays, supply chain disruptions, and declining sales in the crucial Chinese market.

Financial analyst Stephen Reitman of Bernstein Research described the situation dramatically, stating, "It's been a biblical flood that's wiped away the gains from the IPO." This comment refers to Porsche's initial public offering in September 2022, which saw the company's shares close at 82.50 euros in Germany's second-largest market debut. In stark contrast, the shares were trading at 69.66 euros on Tuesday, representing a 4.1 per cent&nbsp;decline.

Bernstein analysts have estimated that the flooding at the Swiss supplier could result in a production loss of between 10,000 and 17,400 vehicles in the second half of 2024. At the upper end of this range, this figure represents over 11 per cent&nbsp;of Porsche's deliveries in the first half of the year.

In response to these developments, Porsche AG has adjusted its sales forecast to between 39 billion and 40 billion euros ( USD 44 billion), down from its previous projection of 40 billion to 42 billion euros. The company has acknowledged that the delays in production and vehicle delivery are unlikely to be fully compensated for during the remainder of the year.

Porsche has revised its return on sales expectation to between 14 per cent&nbsp;and 15 per cent&nbsp;for the year, a decrease from its earlier projection of 15 per cent&nbsp;to 17 per cent. The company is scheduled to report its first-half results on Wednesday.

Adding to Porsche's challenges is a slowdown in demand from the Chinese market, which has contributed to a 7 per cent&nbsp;decline in global deliveries during the first half of the year. The company is also grappling with disappointing electric vehicle sales, prompting it to scale back its EV ambitions on Monday, citing evolving customer preferences and industry trends.

Despite these setbacks for Porsche AG, Porsche SE, the holding company controlled by the Porsche and Piech families that oversees Volkswagen and holds a blocking minority in Porsche AG, has maintained its earnings forecast for 2024. 
&nbsp;

Porsche AG, the renowned German luxury sports car manufacturer, has been compelled to revise its sales and profit projections for the year due to an unexpected disruption in its aluminium alloy supply chain.

Porsche AG, the renowned German luxury sports car manufacturer, has been compelled to revise its sales and profit projections for the year due to an unexpected disruption in its aluminium alloy supply chain. This announcement, made on Tuesday, led to a significant 4 per cent drop in the company's stock price, positioning it at the bottom of Frankfurt's prestigious blue-chip index. The root cause of this supply chain disruption has been attributed to severe flooding at a European contractor's facility, though Porsche has not disclosed the specific location or identity of this supplier. The impact of this event is far-reaching, affecting the production of Porsche's entire model range and potentially leading to temporary shutdowns for one or more vehicle series. In a formal communication, Porsche revealed that the affected supplier had invoked force majeure in writing. This legal provision allows a party to be relieved of its contractual obligations due to extraordinary circumstances beyond its control, such as natural disasters or other unforeseen events. Novelis, a subsidiary of Hindalco Industries and a key aluminium supplier to a joint venture co-owned by Porsche, confirmed that it had informed its automotive customers of a force majeure event. This event necessitated the closure of one of its plants in late June. While the aluminium shortage has also impacted other German premium automakers like BMW and Mercedes-Benz, these companies have managed to secure alternative suppliers, mitigating the impact on their operations. Constellium, a U.S.-listed aluminium manufacturer headquartered in France, clarified that it does not supply Porsche from its Swiss facility. However, the company disclosed in its earnings statement that it remains uncertain about when production will resume at its Valais facilities, which were affected by flooding in late June. When approached for comment, Norsk Hydro CEO Eivind Kallevik declined to provide information on whether the Norwegian aluminium producer could increase its output to address the shortfall or if it had received inquiries from customers seeking additional product. It's worth noting that all three of these companies list Porsche or its affiliated firms among their clientele. The aluminium alloy shortage is particularly problematic for Porsche because aluminium components are integral to all of its vehicle series. This reliance on a single supplier has exposed the company to significant risk. This latest challenge adds to a series of issues Porsche has faced in recent months, including software problems, product delays, supply chain disruptions, and declining sales in the crucial Chinese market. Financial analyst Stephen Reitman of Bernstein Research described the situation dramatically, stating, "It's been a biblical flood that's wiped away the gains from the IPO." This comment refers to Porsche's initial public offering in September 2022, which saw the company's shares close at 82.50 euros in Germany's second-largest market debut. In stark contrast, the shares were trading at 69.66 euros on Tuesday, representing a 4.1 per cent decline. Bernstein analysts have estimated that the flooding at the Swiss supplier could result in a production loss of between 10,000 and 17,400 vehicles in the second half of 2024. At the upper end of this range, this figure represents over 11 per cent of Porsche's deliveries in the first half of the year. In response to these developments, Porsche AG has adjusted its sales forecast to between 39 billion and 40 billion euros ( USD 44 billion), down from its previous projection of 40 billion to 42 billion euros. The company has acknowledged that the delays in production and vehicle delivery are unlikely to be fully compensated for during the remainder of the year. Porsche has revised its return on sales expectation to between 14 per cent and 15 per cent for the year, a decrease from its earlier projection of 15 per cent to 17 per cent. The company is scheduled to report its first-half results on Wednesday. Adding to Porsche's challenges is a slowdown in demand from the Chinese market, which has contributed to a 7 per cent decline in global deliveries during the first half of the year. The company is also grappling with disappointing electric vehicle sales, prompting it to scale back its EV ambitions on Monday, citing evolving customer preferences and industry trends. Despite these setbacks for Porsche AG, Porsche SE, the holding company controlled by the Porsche and Piech families that oversees Volkswagen and holds a blocking minority in Porsche AG, has maintained its earnings forecast for 2024.

Porsche cuts forecasts due to alloy shortage, shares fall

The Pune Porsche crash incident has sparked national outrage as it cut short the lives of two IT professionals. The Porsche, allegedly driven by a 17-year-old in an inebriated state, ran over the two in Pune's Kalyani Nagar area on May 19.

Maharashtra Congress has alleged that the son of a Maharashtra MLA was involved in the crash and that efforts were made to cover up the incident.

Here are the top updates in&nbsp;Pune Porsche crash:&nbsp;

- Congress alleges cover-up

Maharashtra Congress chief Nana Patole reportedly claimed that the son of an MLA from the state was involved in the tragic incident and used his influence to protect his son later. He also demanded a Central Bureau of Investigation (CBI) probe. "The CBI must investigate the car crash case as there seems to be political interference to save the rich accused," Patole said.

- Demand for Deputy CM's resignation

Patole called for Deputy Chief Minister Devendra Fadnavis to step down after alleging his involvement in the cover-up. "Devendra Fadnavis used his lawyer's degree to save the accused. Chief Minister Eknath Shinde should give clarity in the case and the role of Fadnavis is also doubtful, he should resign," he added.

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/bangladesh-mp-murder-police-in-kolkata-recover-hair-pieces-of-flesh-from-septic-tank-726570">Bangladesh MP murder: Police in India's Kolkata recover hair, pieces of flesh from septic tank</a>

- Teen was then sent to observation home

The fatal crash resulted in the deaths of Ashwini Kostha and Anish Awadhiya, both 24. The Juvenile Justice Board initially granted bail to the teenager, sparking outrage, but later sent him to an observation home until June 5.

- Manipulation of blood sample

Two doctors and a peon from Sassoon General Hospital were arrested for allegedly tampering with the blood test report of the accused. Pune Police Commissioner Amitesh Kumar said that the blood sample taken was not of the juvenile accused. "This means the sample was replaced," Kumar stated. Pune police have invoked charges against&nbsp;two doctors and a staffer of the said hospital under the Prevention of Corruption (PC) Act.&nbsp;

- Financial transactions&nbsp;

Police searched properties linked to Dr Ajay Taware,&nbsp;a Casualty Medical Officer Dr Shrihari Halnor and hospital morgue worker&nbsp;Atul Ghatkamble. They found Rs 2,50,000 ($3000) from Halnor and Rs 50,000 ($600) from Ghatkamble. “The amounts recovered from Halnor and Ghatkamble are believed to be the cuts they received. But the key focus of the investigation is now the financial transactions of Dr Taware, how much he received or was promised and by whom,” a senior police officer reportedly said.

- Details of the manipulation

According to the police, the blood sample taken from the teenager was discarded and replaced with another person's sample. "Around 11 am on May 19, a blood sample (of the teen) that was taken at Sassoon Hospital was thrown in the&nbsp;dustbin," Kumar said.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/summer-saga-continues-in-capital-as-parts-of-delhi-reach-close-to-50-degrees-celsius-726531">Summer saga continues in capital as parts of Delhi reach close to 50 degrees Celsius</a>

- Allegations of similar 'cover-ups'

Patole alleged systemic issues with crime in Maharashtra and cited other cases of privileged individuals receiving bail swiftly. "Such incidents have been reported in Nagpur, Jalgaon and Pune," he said while criticising the government's role in these matters.

- Hospital's forensic department head spoke to teen's father 14 times

The head of the forensic medicine department at the Sassoon Hospital, Dr Ajay Taware held 14 phone conversations with the father of the accused teen Vishal Agarwal. There are suspicions that the conversations were in connection to the 'change of blood sample'.

- Additional arrests

The investigation also led to the arrest of the teen's father and grandfather, accused of trying to influence the legal process. Staff from the bars the teen visited that night were also arrested.&nbsp;The grandfather was arrested following allegations from the family's driver, who claimed he was confined at the family's home and was given threats to take the blame for the accident.

Watch |&nbsp;<a href="https://www.wionews.com/videos/india-elections-2024-defence-capital-goods-shares-soar-ahead-of-election-results-wion-pollnomics-726563">India Elections 2024: Defence, capital goods shares soar ahead of election results | WION Pollnomics</a>

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- Outrage and demands

The families of the victims have called for stringent punishment, describing the incident as "murder, not accident." The police have requested permission to try the teen as an adult, given the severity of the case.

The demand for a thorough and impartial investigation continues to gain momentum amid public outcry over the alleged influence of powerful individuals in criminal investigations.&nbsp;However, a probe is still on in the case.&nbsp;&nbsp;

(With inputs from agencies)

The Pune Porsche crash incident has sparked national outrage as it cut short the lives of two IT professionals. The Porsche, allegedly driven by a 17-year-old in an inebriated state, ran over the two in Pune's Kalyani Nagar area on May 19.

The Pune Porsche crash incident has sparked national outrage as it cut short the lives of two IT professionals. The Porsche, allegedly driven by a 17-year-old in an inebriated state, ran over the two in Pune's Kalyani Nagar area on May 19. Maharashtra Congress has alleged that the son of a Maharashtra MLA was involved in the crash and that efforts were made to cover up the incident. Here are the top updates in Pune Porsche crash: - Congress alleges cover-up Maharashtra Congress chief Nana Patole reportedly claimed that the son of an MLA from the state was involved in the tragic incident and used his influence to protect his son later. He also demanded a Central Bureau of Investigation (CBI) probe. "The CBI must investigate the car crash case as there seems to be political interference to save the rich accused," Patole said. - Demand for Deputy CM's resignation Patole called for Deputy Chief Minister Devendra Fadnavis to step down after alleging his involvement in the cover-up. "Devendra Fadnavis used his lawyer's degree to save the accused. Chief Minister Eknath Shinde should give clarity in the case and the role of Fadnavis is also doubtful, he should resign," he added. Also Read | Bangladesh MP murder: Police in India's Kolkata recover hair, pieces of flesh from septic tank - Teen was then sent to observation home The fatal crash resulted in the deaths of Ashwini Kostha and Anish Awadhiya, both 24. The Juvenile Justice Board initially granted bail to the teenager, sparking outrage, but later sent him to an observation home until June 5. - Manipulation of blood sample Two doctors and a peon from Sassoon General Hospital were arrested for allegedly tampering with the blood test report of the accused. Pune Police Commissioner Amitesh Kumar said that the blood sample taken was not of the juvenile accused. "This means the sample was replaced," Kumar stated. Pune police have invoked charges against two doctors and a staffer of the said hospital under the Prevention of Corruption (PC) Act. - Financial transactions Police searched properties linked to Dr Ajay Taware, a Casualty Medical Officer Dr Shrihari Halnor and hospital morgue worker Atul Ghatkamble. They found Rs 2,50,000 ($3000) from Halnor and Rs 50,000 ($600) from Ghatkamble. “The amounts recovered from Halnor and Ghatkamble are believed to be the cuts they received. But the key focus of the investigation is now the financial transactions of Dr Taware, how much he received or was promised and by whom,” a senior police officer reportedly said. - Details of the manipulation According to the police, the blood sample taken from the teenager was discarded and replaced with another person's sample. "Around 11 am on May 19, a blood sample (of the teen) that was taken at Sassoon Hospital was thrown in the dustbin," Kumar said. Also Read | Summer saga continues in capital as parts of Delhi reach close to 50 degrees Celsius - Allegations of similar 'cover-ups' Patole alleged systemic issues with crime in Maharashtra and cited other cases of privileged individuals receiving bail swiftly. "Such incidents have been reported in Nagpur, Jalgaon and Pune," he said while criticising the government's role in these matters. - Hospital's forensic department head spoke to teen's father 14 times The head of the forensic medicine department at the Sassoon Hospital, Dr Ajay Taware held 14 phone conversations with the father of the accused teen Vishal Agarwal. There are suspicions that the conversations were in connection to the 'change of blood sample'. - Additional arrests The investigation also led to the arrest of the teen's father and grandfather, accused of trying to influence the legal process. Staff from the bars the teen visited that night were also arrested. The grandfather was arrested following allegations from the family's driver, who claimed he was confined at the family's home and was given threats to take the blame for the accident. Watch | India Elections 2024: Defence, capital goods shares soar ahead of election results | WION Pollnomics × - Outrage and demands The families of the victims have called for stringent punishment, describing the incident as "murder, not accident." The police have requested permission to try the teen as an adult, given the severity of the case. The demand for a thorough and impartial investigation continues to gain momentum amid public outcry over the alleged influence of powerful individuals in criminal investigations. However, a probe is still on in the case. (With inputs from agencies)

Pune Porsche crash top updates: Congress says MLA's son is involved; teen's blood sample was replaced

In a film-like major twist in the Pune accident horror, the 17-year-old accused as well as his father claimed that the family driver was behind the Porsche crash that killed two people, Indian media reports said on Thursday (May 23). Two friends of the accused minor were apparently with him at the time of the accident and they can reportedly back up the claims.&nbsp;

The teenager's father Vishal Agarwal, a real estate developer, said that it was their family driver who was driving the Porsche, the report said, adding that the driver has also given a statement. &nbsp;

Pune-based media reports claimed that the driver was detained and is currently being questioned.&nbsp;

However, a formal statement from the officials is awaited that would confirm the driver's angle.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/trending/up-wedding-takes-violent-twist-after-kiss-goes-wrong-grooms-family-beaten-up-on-stage-724701">India: UP wedding takes violent twist after kiss goes wrong; groom’s family beaten up on stage</a>&nbsp;

This comes a day after India's Justice Juvenile Board cancelled the bail granted to the teenager in the hit-and-run case. Pune Police officials said that the Juvenile Justice Board remanded the minor accused to a Rehabilitation/Observation home till June 5.&nbsp;

The teen has been accused of running over two motorbike-borne 24-year-old IT professionals Aneesh Awadhiya and Ashwini Costa, in Kalyani Nagar, Pune in the early hours of Sunday with a Porsche car. The police earlier claimed that he was driving under the influence of alcohol at that time.&nbsp;

The case turned out to be a matter of massive outrage when reports emerged that the accused got VIP treatment after he was arrested. Reports claimed that he was allowed to eat pizza at the police station and take a nap, and his medical test was allegedly delayed. He was allowed to walk out on bail with the condition of writing a 300-word essay and helping the traffic police.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/india-news/swati-maliwal-alleges-victim-shaming-by-aap-says-ready-to-undergo-polygraph-test-724650">Swati Maliwal alleges victim shaming by AAP, says 'ready to undergo polygraph test'</a>&nbsp;

Watch:&nbsp;Pune Porsche crash: Will the teen be tried as an adult?&nbsp;

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Police arrested the teen's father and sent him to two days of police custody&nbsp; on Wednesday.&nbsp;

Pune Police sought his custody for further questioning as Agarwal was not cooperating in the probe, the remand copy revealed. Police also nabbed the proprietor and manager of the bar where the underage accused was served alcohol before the accident.&nbsp;

Apart from the teen's father, his grandfather, Surendra Kumar Agarwal, was also questioned by the crime branch on Thursday. He asked for bail of the minor accused in the court. Police asked, "Does Surendra Kumar Agarwal know that the minor accused consumes alcohol? Also, does he know that the minor accused consumes alcohol and drives without a license?"&nbsp;

(With inputs from agencies)&nbsp;

In a film-like major twist in the Pune accident horror, the 17-year-old accused as well as his father claimed that the family driver was behind the Porsche crash that killed two people, Indian media reports said on Thursday (May 23).

In a film-like major twist in the Pune accident horror, the 17-year-old accused as well as his father claimed that the family driver was behind the Porsche crash that killed two people, Indian media reports said on Thursday (May 23). Two friends of the accused minor were apparently with him at the time of the accident and they can reportedly back up the claims. The teenager's father Vishal Agarwal, a real estate developer, said that it was their family driver who was driving the Porsche, the report said, adding that the driver has also given a statement. Pune-based media reports claimed that the driver was detained and is currently being questioned. However, a formal statement from the officials is awaited that would confirm the driver's angle. Also read: India: UP wedding takes violent twist after kiss goes wrong; groom’s family beaten up on stage This comes a day after India's Justice Juvenile Board cancelled the bail granted to the teenager in the hit-and-run case. Pune Police officials said that the Juvenile Justice Board remanded the minor accused to a Rehabilitation/Observation home till June 5. The teen has been accused of running over two motorbike-borne 24-year-old IT professionals Aneesh Awadhiya and Ashwini Costa, in Kalyani Nagar, Pune in the early hours of Sunday with a Porsche car. The police earlier claimed that he was driving under the influence of alcohol at that time. The case turned out to be a matter of massive outrage when reports emerged that the accused got VIP treatment after he was arrested. Reports claimed that he was allowed to eat pizza at the police station and take a nap, and his medical test was allegedly delayed. He was allowed to walk out on bail with the condition of writing a 300-word essay and helping the traffic police. Also read: Swati Maliwal alleges victim shaming by AAP, says 'ready to undergo polygraph test' Watch: Pune Porsche crash: Will the teen be tried as an adult? × Police arrested the teen's father and sent him to two days of police custody on Wednesday. Pune Police sought his custody for further questioning as Agarwal was not cooperating in the probe, the remand copy revealed. Police also nabbed the proprietor and manager of the bar where the underage accused was served alcohol before the accident. Apart from the teen's father, his grandfather, Surendra Kumar Agarwal, was also questioned by the crime branch on Thursday. He asked for bail of the minor accused in the court. Police asked, "Does Surendra Kumar Agarwal know that the minor accused consumes alcohol? Also, does he know that the minor accused consumes alcohol and drives without a license?" (With inputs from agencies)

Pune Porsche accident: Teen, father now reportedly claim family driver was behind deadly crash

Volkswagen and Porsche have to recall around 227,000 cars due to problems with airbags and seatbelt pre-tensioners, Germany's Stuttgarter Zeitung said on Thursday.

The newspaper said the Tiguan, Sharan, and CC models built in 2015 as well as the Porsche 911, Boxter, Cayman, and Panamera models from 2015 and 2016. It cited Germany's Kraftfahrt-Bundesamt (KBA) federal motor authority as saying the cars needed an update to the software of the airbag control units.

Volkswagen said 227,000 VW and Porsche cars were affected, citing possible problems with airbags in some of them and adding that new software needed to be installed.

A spokesman for Porsche said around 23,500 Porsche models could be affected by airbags or seatbelt pre-tensioners triggering even if the vehicle was not involved in an accident. It said the models affected were built in 2015 and 2016 and added that of the vehicles affected, around 3,900 were in Germany.

 
&nbsp;

Volkswagen and Porsche have to recall around 227,000 cars due to problems with airbags and seatbelt pre-tensioners, Germany's Stuttgarter Zeitung said on Thursday.

Volkswagen and Porsche have to recall around 227,000 cars due to problems with airbags and seatbelt pre-tensioners, Germany's Stuttgarter Zeitung said on Thursday. The newspaper said the Tiguan, Sharan, and CC models built in 2015 as well as the Porsche 911, Boxter, Cayman, and Panamera models from 2015 and 2016. It cited Germany's Kraftfahrt-Bundesamt (KBA) federal motor authority as saying the cars needed an update to the software of the airbag control units. Volkswagen said 227,000 VW and Porsche cars were affected, citing possible problems with airbags in some of them and adding that new software needed to be installed. A spokesman for Porsche said around 23,500 Porsche models could be affected by airbags or seatbelt pre-tensioners triggering even if the vehicle was not involved in an accident. It said the models affected were built in 2015 and 2016 and added that of the vehicles affected, around 3,900 were in Germany.

Volkswagen, Porsche to recall around 227,000 cars over airbag, seatbelt issues: Report

A man&#39;s dream of driving the car of his dreams, 2013 Porche Cayenne, was crushed in under 10 minutes after he brought the brand new beast. The 37-year old was charged for speeding at 100 km/per hour in a 40 km/per hour zone.

The man was also found talking over phone while driving, as a result, the vehicle was impounded by Victoria Police for a month.&nbsp;

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A man&rsquo;s excitement at purchasing a Porsche lasted all but 10 minutes after he was allegedly caught doing 60km/h over the speed limit in Albert Park this morning <a href="https://t.co/FpIOTAaLsK">https://t.co/FpIOTAaLsK</a> <a href="https://twitter.com/hashtag/VicPoliceNews?src=hash&amp;ref_src=twsrc%5Etfw">#VicPoliceNews</a> <a href="https://t.co/mSjrNqP7LK">pic.twitter.com/mSjrNqP7LK</a>
&mdash; Victoria Police (@VictoriaPolice) <a href="https://twitter.com/VictoriaPolice/status/972449290470633472?ref_src=twsrc%5Etfw">March 10, 2018</a></blockquote>
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The incident took place at the Melbourne&#39;s Grand Prix Circuit on Saturday. The man was also found filming himself as he drove the car.&nbsp;

The defaulter from Yallambie, Melbourne will be charged with speeding and for using a mobile phone while driving.

The incident took place at the Melbourne's Grand Prix Circuit on Saturday

A man's dream of driving the car of his dreams, 2013 Porche Cayenne, was crushed in under 10 minutes after he brought the brand new beast. The 37-year old was charged for speeding at 100 km/per hour in a 40 km/per hour zone. The man was also found talking over phone while driving, as a result, the vehicle was impounded by Victoria Police for a month. A man’s excitement at purchasing a Porsche lasted all but 10 minutes after he was allegedly caught doing 60km/h over the speed limit in Albert Park this morning https://t.co/FpIOTAaLsK #VicPoliceNews pic.twitter.com/mSjrNqP7LK — Victoria Police (@VictoriaPolice) March 10, 2018 × The incident took place at the Melbourne's Grand Prix Circuit on Saturday. The man was also found filming himself as he drove the car. The defaulter from Yallambie, Melbourne will be charged with speeding and for using a mobile phone while driving.

Gone in 10 minutes: Melbourne man loses new Porche in speeding stunt

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