16 Hrs
Source:
Sky News
Porsche earns 1 billion euros from Bugatti and Rimac stake sale
Porsche achieved revenues of one billion euros from the sale of its stakes in Bugatti and Rimac companies after receiving approval from the competent authorities, which contributed to improving the expected cash flows for this year. The forecast now ranges between 5.5% and 7.5%, compared to previous estimates of 3% to 5%. The company plans to use 250 million euros from the proceeds to fund pension liabilities, while the board of directors announced plans to cut an additional 5,000 jobs in Germany as part of cost reduction efforts.
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