Porsche Announces Additional Job Cuts as Restructuring Continues
German luxury automaker Porsche has announced plans to cut an additional 5,000 jobs by 2035 through voluntary and natural attrition measures. This brings the total number of job cuts under its restructuring plan to 9,000. The decision follows earlier reductions linked to subsidiary closures and weak demand in key markets like China. New CEO Michael Leiters is leading Porsche's overhaul after a challenging period marked by stalled electric vehicle (EV) strategies and declining sales. The company also plans €2.1 billion in investments at its main factory and R&D center, while guaranteeing site operations until 2035. These moves are part of broader cost-cutting efforts across the German automotive sector as companies like Mercedes-Benz and BMW face similar pressures from shifting to EVs and competition with Chinese automakers. Porsche's supervisory board approved the additional cuts last week. Meanwhile, former CEO Oliver Blume is pushing for 100,000 job reductions at Volkswagen Group, warning that four of its factories may close after 2030.
Topics: automotive industry job cuts Porsche restructuring Volkswagen Group