Porsche reportedly plans another 5,000 job cuts amid sales slump
Business
Porsche is reportedly planning to cut another 5,000 jobs after already announcing nearly 4,000 layoffs.
The move comes as the company's global car sales have dropped sharply, down about 13% last year and another 15% in just the first half of this year.
Porsche proposes operational layoff pause 2035
To reassure those staying, Porsche has proposed that no more operational layoffs will happen until 2035.
Most cuts will hit research and development as CEO Michael Leiters tries to streamline costs.
Meanwhile, Porsche is teaming up with Audi to speed up new models like electric versions of the Cayman and Boxster (expected by 2027), plus a bigger SUV, and possibly a new hypercar, even as the company navigates some tough market challenges.