Porsche AG plans to cut 1,900 more jobs over four years, citing the need for deeper reductions beyond its ongoing program.
The cuts will affect its main sites in Stuttgart-Zuffenhausen and Weissach, targeting a 15% workforce reduction by 2029, according to Reuters.
Porsche, majority owned by Volkswagen AG, confirmed that forced redundancies are not allowed under a location safeguarding agreement valid until 2030.
In 2024, it started reducing its workforce by not renewing 1,500 fixed-term contracts, with another 500 now set to end, a spokesperson said.
“That alone is not enough: the Executive Board and Works Council have therefore decided on a programme to cut around another 1,900 jobs across the entire company in the coming years,” the spokesperson said in an emailed statement.
The company is also managing workforce reductions through natural attrition, demographic changes, and a restrictive hiring approach, the spokesperson said.
“Porsche is still in a comparatively good position. But there are many challenges to overcome – such as the delayed ramp-up of electromobility or the challenging geopolitical and economic conditions,” said the spokesperson.
