Porsche AG announced on Wednesday that it plans to reduce its workforce by 3,900 by 2029 as part of a "comprehensive program to rescale the company." 1,900 of those will be cut through natural turnover, decreased hiring, partial retirement and severance packages. Another 2,000 positions will be reduced through the expiration of fixed-term employment contracts.
In a statement looking back on 2024, Porsche said the "challenging economic environment and the comprehensive renewal of the product portfolio" impacted its earnings, which fell by 1% year-on-year to €40.1 billion. The automaker said it plans to invest €800 million euros in rescaling, its product portfolio and software and battery activities.
Porsche's stock dropped 4.11% at 9:47 am CET.
