Porsche to cut another 5,000 jobs
- The latest Porsche redundancies follow a first package of 3,900 job cuts and another 500 announced
BERLIN: German carmaker Porsche will cut another 5,000 jobs by 2035 under a second package of restructuring measures agreed between management and labour representatives, both sides said in a joint statement on Monday.
The measures at Porsche, a Volkswagen subsidiary that has gone from profit driver to crisis case in recent years, comes ahead of a broader showdown over drastic cuts proposed across the group, which is battling high costs, stiff competition and tariff woes.
The latest Porsche redundancies follow a first package of 3,900 job cuts and another 500 announced by new CEO Michael Leiters earlier this year. They will be carried out in a socially responsible manner, the statement said.
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The deal also includes an extension of plant location guarantees by five years until 2035 and €2.1 billion ($2.39 billion)in investments in its Zuffenhausen and Weissach factories, it added.
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