Porsche Shutters Three Units as New CEO Makes First Job Cuts
A sculpture featuring Porsche 911s at the Porsche AG factory and headquarters, in Stuttgart, Germany.
Photographer: Krisztian Bocsi/BloombergPorsche AG is closing three of its non-car-making units, with Chief Executive Officer Michael Leiters cutting headcount for the first time to counteract slumping sales in China and the cost of reversing its EV strategy.
The Volkswagen AG-owned carmaker plans to shut down its Cellforce battery business, an electric bike outfit and the Cetitec software subsidiary, it said Friday. The decision affects more than 500 employees in Germany and Croatia.