Porsche plans to cut 5000 jobs by 2035
German automaker Porsche has agreed with employee representatives to cut 5000 more jobs by 2035 as part of a restructuring plan. The company will also invest €2.1 billion in its German plants.
Porsche, the German luxury car manufacturer, plans to reduce its workforce by an additional 5000 employees by 2035, according to a joint statement from management and employee representatives. This move is part of a second phase of a restructuring plan.
The latest job cuts follow an earlier plan to reduce 3900 positions, which was subsequently followed by a reduction of 500 more roles. The company stated that these workforce adjustments will be conducted responsibly.
As part of the agreement, Porsche will invest €2.1 billion in its Zuffenhausen and Weissach plants in Germany. Additionally, a site security agreement, a legally binding commitment between management and employee representatives, has been extended for five years, also until 2035.
Porsche's global car deliveries decreased by 16% in the first half of the year, with the Chinese market experiencing a 32% drop. Recent reports indicate Porsche's strategic shift towards selling fewer cars but achieving higher profitability.