FRANKFURT \u2014 German luxury sports carmaker Porsche, a subsidiary of the Volkswagen Group, said Monday it would cut 5,000 jobs by 2035 as part of a strategic realignment to boost competitiveness.<\/p>\n
The maker of the 911 sports car has seen profits collapse due to plunging sales in China, where home-made electric vehicles now dominate, as well as US tariffs and a costly decision to hit the brakes on its troubled electric transition.<\/p>\n
The new plan includes the “socially responsible reduction of a further 5,000 jobs by 2035, largely through natural attrition, demographic effects, the expansion of the special partial retirement program and voluntary severance agreements,” the company said.<\/p>\n
With job cuts already announced last year, the firm therefore plans to reduce its workforce of over 30,000 by 8,900 people.<\/p>\n
Announcing what it called its “future package”, the carmaker also said it would invest a cumulative of 2.1 billion euros ($2.4 billion) by 2035 in two plants, at Zuffenhausen and Weissach near Stuttgart.<\/p>\n
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By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service<\/a> and Privacy Policy<\/a>.<\/p>\n Workers there would enjoy employment and site protection until 2035, it said after negotiations with the general works council and trade unions.<\/p>\n “The shared objective is to strengthen the competitiveness of the sports car manufacturer and secure as many jobs as possible in the long term,” the company said in a statement.<\/p>\n Other cost-cutting measures were also announced, such as deferring wage increases until 2035 and having senior executives forgo base salary increases in 2027 and 2028.<\/p>\n Porsche is among automakers which have recently taken a hefty hit after ploughing huge sums into the electric transition, only to find demand weaker than expected.<\/p>\n The manufacturer announced last year it was slowing its shift to EVs, a move that dented 10-brand Volkswagen’s profits by billions of euros.<\/p>\n Measures included delaying the introduction of some fully electric cars, and extending the life of some combustion engine and hybrid models.<\/p>\n","protected":false},"excerpt":{"rendered":"FRANKFURT \u2014 German luxury sports carmaker Porsche, a subsidiary of the Volkswagen Group, said Monday it would cut…\n","protected":false},"author":2,"featured_media":62099,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21181],"tags":[36621,47690,7629,37600,47679,47686,1644,47684,47688,47675,33499,3012,5767,47681,47682,8406,47677,47678,4565,47687,47680,47676,218,4014,36617,5523,47683,47689,34523,37723,47685],"class_list":["post-62098","post","type-post","status-publish","format-standard","has-post-thumbnail","category-porsche","tag-911-sports-car","tag-combustion-engine-models","tag-competitiveness","tag-cost-cutting-measures","tag-electric-transition","tag-employment-protection","tag-evs","tag-future-package","tag-general-works-council","tag-german-luxury-sports-carmaker","tag-hybrid-models","tag-investment","tag-job-cuts","tag-natural-attrition","tag-partial-retirement-program","tag-porsche","tag-profits-collapse","tag-sales-in-china","tag-senior-executives","tag-site-protection","tag-socially-responsible-reduction","tag-strategic-realignment","tag-stuttgart","tag-trade-unions","tag-us-tariffs","tag-volkswagen-group","tag-voluntary-severance-agreements","tag-wage-increases","tag-weissach","tag-workforce-reduction","tag-zuffenhausen"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts\/62098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/comments?post=62098"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts\/62098\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/media\/62099"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/media?parent=62098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/categories?post=62098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/tags?post=62098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}