Porsche to Cut 9,000 Jobs by 2035

Porsche will cut 9,000 jobs by 2035 as part of Volkswagen's restructuring due to weak demand and competition. A reduction of 5,000 positions has been agreed upon, without forced layoffs, through natural attrition and voluntary resignations. These measures will complement the previously announced 3,900 cuts and 500 layoffs related to the closure of subsidiaries. The new CEO, Michael Leiters, appointed earlier this year, aims to reform the business after a decline in sales in China and a slowdown in the electric vehicle strategy. Job guarantees for employees have also been extended until the end of 2035, and investments of 2.1 billion euros are planned for the Stuttgart plant and R&D in Weissach. The decision has been approved by Porsche's supervisory board. Other German automakers, such as Mercedes-Benz and BMW, are also facing similar challenges. Oliver Blume, Leiters' predecessor, insisted on cutting 100,000 jobs in the group to maintain competitiveness.

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