Automaker Porsche has announced plans to cut around 1,900 jobs by 2029. The reductions will affect employees at the Stuttgart plant and the technical center in Weissach.
The company emphasized that the layoffs will be entirely voluntary, as an employment guarantee for employees remains in place until 2030.
The job cuts will be an addition to already implemented cost-saving measures. Starting in 2024, Porsche will not renew contracts for temporary workers, gradually reducing their numbers in production departments.
Another sign of a shift in strategy is the return to developing internal combustion engine (ICE) vehicles. Porsche plans to spend up to 800 million euros on developing new models with hybrid and gasoline engines, despite previously targeting an 80% share of electric cars by 2030.
One of the reasons for this change in course is a drop in sales in China and weak performance in the electric vehicle market. Porsche is now reassessing its priorities, focusing not only on electrification but also on the development of hybrid and traditional models.
