Porsche Board Approves Further Restructuring Measures
The supervisory board of Porsche AG has approved another phase of restructuring measures aimed at addressing declining performance, a company spokesperson confirmed to Reuters. Reports indicate that the plan could involve up to 9,000 job cuts by 2035, building on previous reductions under former CEO Oliver Blume and recent actions taken by current CEO Michael Leiters. The move comes as Porsche faces challenges including weaker sales in China, tariff pressures, and costly electric vehicle strategy issues. The restructuring is part of a broader cost-cutting initiative led by Leiters to improve profitability, with an emphasis on higher-margin models like the 911 sports car and luxury SUVs. Porsche plans to present this latest package to employees on July 27. These measures are in line with Volkswagen Group's ongoing efforts under Blume to streamline operations across its brands amid rising competition from Chinese automakers and U.S. tariff-related costs.