Porsche AG and its General Works Council established a Future Package to cut 5,000 additional jobs by 2035.
The company will use natural attrition and voluntary severance deals to achieve these reductions.
Porsche extended employment and site protection for its German locations until 2035 as part of the agreement.
The plan includes a cumulative investment of €2.1 billion in the Zuffenhausen and Weissach sites.
This restructuring aims to improve flexibility and competitiveness following weak sales in key markets.
The initiative also addresses high costs associated with the company’s electric vehicle strategy.
Management briefed employees on the scope of the cuts during a company-wide meeting.