Porsche plans to negotiate further cost cuts with its labor union amid declining sales and economic challenges. By 2029, the company aims to cut more than 10% of its workforce, resulting in 3,900 job cuts in Germany alone. The expected vehicle sales target has dropped from 311,000 to 250,000 annually, driven by reduced demand, particularly in China, where sales have significantly declined. CEO Oliver Blume stated that the existing business model is no longer viable under current conditions.
Our business model that sustained us over many decades no longer is functioning today in its current form. Business conditions have deteriorated massively within a short period of time.
The latest reductions are expected to come on top of the already 3,900 job cuts planned in Germany through 2029, designed to shrink the company's cost base.
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