German sports carmaker Porsche to cut 1,900 jobs
The Peninsula
Frankfurt, Germany: Sports car manufacturer Porsche said Thursday it will axe 1,900 jobs after sales slumped in China and amid a tricky shift to elect...
Frankfurt, Germany: Sports car manufacturer Porsche said Thursday it will axe 1,900 jobs after sales slumped in China and amid a tricky shift to electric vehicles, the latest blow for Germany's stalling auto sector.
The cuts will be made in the coming years in Germany, at the luxury brand's Stuttgart headquarters and the firm's nearby research centre, Porsche said.
Hit by high manufacturing costs at home, weak demand, fierce competition and a sluggish shift to EVs, Germany's flagship auto sector is battling a growing crisis.
"We have many challenges to overcome," Porsche's human resources chief Andreas Haffner said in an interview with daily the Stuttgarter Zeitung.
He cited "the delayed ramp-up of electromobility and challenging geopolitical and economic conditions", although he insisted none of the looming cuts would be made via compulsory redundancies.
