Porsche will eliminate 9,000 jobs by 2035

The German luxury car manufacturer Porsche has announced that it will reduce approximately 20% of its workforce by 2035, as part of a necessary restructuring program due to declining demand and difficulties in the Chinese market.

Porsche management and the unions have reached an agreement to eliminate 5,000 jobs, which will be achieved without mandatory layoffs, through retirements and voluntary departures. This adds to the 3,900 positions previously eliminated. Michael Leiters, the new CEO, is facing challenges related to sales in China and the transition to electric vehicles.

Porsche will invest 2.1 billion euros in its factories in Germany, keeping them open until 2035.