Porsche Announces Additional Job Cuts Amid Restructuring
German luxury automaker Porsche has announced plans to cut 9,000 jobs by 2035 as part of a broader restructuring effort. The job reductions include measures such as natural attrition and voluntary schemes to avoid compulsory redundancies. This follows earlier cuts totaling nearly 4,500 positions linked to the closure of subsidiaries under new CEO Michael Leiters. The decision comes amid weak demand in key markets like China and challenges with Porsche's electric vehicle strategy. The restructuring is part of a broader trend among German automakers such as Mercedes-Benz and BMW, who are also cutting costs due to rising competition from Chinese EV brands and high tariffs. Porsche has committed 2.1 billion euros ($2.39 billion) in investments for its main factory and R&D center. Porsche's supervisory board approved the plan following a meeting last week. The move is part of Volkswagen Group CEO Oliver Blume’s broader strategy to cut up to 100,000 jobs across the group by 2035.
Topics: Automotive Company Strategy Electric Vehicles (EVs) Workplace Reductions