economy
March 11, 2026
Porsche to cut more jobs after costly reversal of electric car strategy
German carmaker has struggled with rising competition in China, a key market for European luxury brands
TL;DR
- Porsche plans further job cuts as profits are significantly impacted by a €3.9bn writedown on its electric car strategy.
- The company is experiencing a prolonged sales slump in China and is also affected by US car tariffs.
- Porsche has delayed several electric car models, including the Boxster and Cayman, and an electric SUV, shifting focus to internal combustion engine vehicles.
- New CEO Michael Leiters aims to make the company leaner and faster by streamlining management, reducing hierarchies, and cutting bureaucracy.
- Deliveries fell 10% to 279,000 cars, revenue slumped 12% to €32.2bn, and operating profit dropped to €413m from €5.6bn.
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