Porsche to close 3 subsidiaries amid falling sales and profits
Porsche is closing three of its subsidiaries (Cellforce Group, Porsche eBike Performance, and Cetitec) as part of a bigger plan to deal with falling sales and profits.
More than 500 employees will be affected.
CEO Michael Leiters called the move "We must refocus on our core business," to help Porsche get back to basics and focus on what it does best.
Cellforce shifted from batteries to research
Cellforce Group had already switched from making electric vehicle batteries to research after Porsche decided not to build its own batteries.
The closures come as Porsche's sales have dropped sharply this year, down 11% in North America, 21% in China, and 18% in Europe.
Still, Porsche isn't giving up on electric: an all-electric Cayenne is set to launch later this year as part of its push for more EVs.