Porsche Automobil Holding SE will cut an additional 5,000 jobs. The company plans to complete these reductions by 2035. This second restructuring package follows a previous announcement of 4,400 layoffs. Total planned workforce reductions now exceed 9,000 positions.
CEO Michael Leiters initiated the overhaul to counter high costs and weak demand in China. The strategy also addresses intense competition within the electric vehicle market.
Porsche reached an agreement with labor representatives to avoid compulsory redundancies. The company will invest €2.1 billion in its Zuffenhausen and Weissach factories. This deal extends job guarantees at these German sites until 2035.