Porsche is set to cut 1,900 jobs by 2029 as it grapples with stagnant demand for its electric models.
The reductions, which will target Porsche’s factory in Zuffenhausen which manufactures its all-electric vehicle Taycan, and a research and development centre on the outskirts of Stuttgart, comes as the company last week announced a plan to expand its range of combustion engine cars and hybrids.
The luxury-car maker, part of the VW group, has warned its profit margins were expected to be between 10 per cent and 12 per cent this year, well below the group’s long-term target of 20 per cent. Ploughing €800mn into combustion engine vehicles and hybrids will further add to its costs this year.
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