Porsche has announced the closure of three subsidiaries, including a company specialized in the development of batteries for electric vehicles, with a direct impact on employment. The reorganization will result in the loss of over 500 jobs. The decision, according to the German company itself, represents a further sign of the difficulties Porsche is facing, called to revise plans and investments in an increasingly complex economic context.
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Porsche cuts over 500 jobs
According to the latest indications, Porsche has seen a sharp deterioration in its economic results, particularly after the collapse of profits linked to the drop in sales in China and the effects of US tariffs. In a scenario where global demand is more fragile and commercial costs are rising, the need to focus on activities considered priorities becomes central to preserving profitability and competitiveness.
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Three subsidiaries towards closure
In addition to the company focused on EV batteries, a software-producing subsidiary and a company that makes systems for electric bicycles will also be closed. Michael Leiters, CEO of the car manufacturer since the beginning of the year, explained that “Porsche must refocus on its core business“, adding that this approach makes “painful cuts” inevitable. In short, not good news for the premium manufacturer who will now have to necessarily revise its strategy.
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