Volkswagen considers cutting 4,100 Porsche jobs
Volkswagen Group is studying a plan to cut approximately 4,100 additional jobs at Porsche, as part of a restructuring plan aimed at reducing costs and addressing a €700 million (around $804 million) deficit. These plans follow an earlier agreement to cut 9,000 jobs by 2035, involving Porsche management and employee representatives. The measures come amid declining Porsche sales in the Chinese market and a slowdown in its electric vehicle strategy, along with a reduction in the targeted annual profit margin from 4-5.5% down to 1%, due to asset write-downs and economic challenges facing the company.
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