German carmaker has struggled with rising competition in China, a key market for European luxury brands
Porsche is to cut more jobs after profits were largely cancelled out by a costly writedown on reversing its electric car strategy, as the luxury manufacturer also battled a prolonged sales slump in China.
The German carmaker appointed a new chief executive, Michael Leiters, on 1 January after four profit warnings last year that also contributed to it tumbling out of Germany’s DAX stock index.
“The streamlining of the company needs to be sharpened and this will lead to further job reductions,” said Leiters on Wednesday. Porsche employs about 40,000 people and has previously said it would make about 3,900 job cuts by 2030.
“We will streamline our management structure, reduce hierarchies and cut back on bureaucracy,” said Leiters, adding that more details would come in the autumn.
