Porsche to cut another 5,000 jobs by 2035 in new restructuring deal

Porsche maintained its full-year guidance, saying an ongoing strategic reset is beginning to deliver positive results as the Volkswagen-owned sports car maker presses ahead with a restructuring that includes another 5,000 job cuts by 2035. The overhaul would bring planned reductions to about 9,000 positions over the next decade, with the company avoiding compulsory layoffs and instead relying on natural attrition, expanded early retirement and voluntary buyouts. Porsche has also extended job and plant guarantees for its Zuffenhausen factory in Stuttgart and Weissach research and development center through the end of 2035 and committed €2.1 billion ($2.39 billion) to those sites. The cost-cutting drive comes as Porsche works to improve competitiveness after weaker demand in China and a more difficult electric-vehicle transition, including disappointing sales of the all-electric Taycan. Michael Leiters, who took over as Porsche CEO at the start of the year, has also announced 500 job cuts tied to subsidiary closures in addition to a prior package of 3,900 reductions that included 2,000 temporary positions. Porsche currently employs roughly 40,000 people and plans to simplify management, streamline its organization and reduce research and development spending.