Porsche maintained its full-year guidance as cost-cutting and stronger 911 sales lifted profit, despite a 32% fall in Chinese deliveries and plans to eliminate thousands of jobs by 2035.

German luxury sports carmaker Porsche, a subsidiary of the Volkswagen Group, said Monday it would cut 5,000 jobs by 2035 as part of a strategic realignment to boost…

Porsche plans to cut 9,000 jobs by 2035 after net profits plunged over 90%. The luxury automaker's restructuring signals broader macro headwinds