Porsche To Further Cut Thousands Of Jobs

An agreement regarding 3,900 layoffs had already been reached earlier. The automaker’s management is consulting with employee representatives about a second package, which will be presented next week. According to the trade journal Manager Magazine, it concerns 5,000 jobs. Meanwhile, the German newspaper Bild states that between 5,000 and 6,000 jobs will be cut by 2035.

Porsche is dealing with declining sales in the Chinese market, import tariffs, and an electrification strategy that has cost billions but is stagnating.

Porsche was once one of the most profitable divisions of parent company Volkswagen. Volkswagen, which is also being hit by US import tariffs and competition from Chinese brands, is reportedly planning to cut around 100,000 jobs in the coming years.

A Porsche spokesperson told news agency Reuters that the automaker’s supervisory board has expressed support for the company’s restructuring plan after being informed of those plans on Wednesday. The spokesperson declined to provide details about the measures. Porsche is also not responding to reports in the German media.

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