"Porsche has announced plans to cut more than 500 jobs as part of a sweeping restructuring aimed at refocusing the German luxury carmaker on its core automotive operations. The company said it will shut several subsidiaries and scale back non-core ventures as part of what it described as "far-reaching measures" to streamline the business. The changes will see the closure or wind-down of Cellforce Group GmbH, Porsche eBike Performance GmbH, and Cetitec GmbH, affecting staff across Germany and Croatia."
"Cellforce Group, based in Kirchentellinsfurt, will be wound down with around 50 jobs affected after Porsche concluded it no longer saw "a sufficiently viable long-term perspective" for the business. The group said it will now begin discussions with employee representatives over the closure process. A larger impact will be felt at Porsche eBike Performance GmbH, based in Ottobrunn, where around 350 employees are set to be affected following a shift in global demand and changing market conditions in the e-mobility sector."
"Operations in Ottobrunn and Zagreb are expected to be scaled back or discontinued as part of the restructuring. Meanwhile, Cetitec GmbH, which develops software for data communication systems used across Porsche and the wider Volkswagen Group, will also be shut down, affecting around 90 employees in Germany and Croatia. Dr Michael Leiters, chairman of Porsche's executive board, said the company was being forced to make "painful cuts" as it concentrates on strengthening its core business."
""We must refocus on our core business. This is the indispensable foundation for a successful strategic realignment," he said. The restructuring comes alongside a broader shift in Porsche's investment strategy, including moves to exit stakes in several high-profile joint ventures. The company has already agreed to sell its interests in Bugatti Rimac and the wider Rimac Group, subject to regulatory approval, in a deal expected to comp"
Porsche announced plans to cut more than 500 jobs through a restructuring focused on core automotive operations. The company will shut or wind down Cellforce Group GmbH, Porsche eBike Performance GmbH, and Cetitec GmbH. Cellforce Group GmbH will be wound down, affecting around 50 jobs in Germany, after Porsche determined there was no sufficiently viable long-term perspective. Porsche eBike Performance GmbH will be scaled back or discontinued, affecting around 350 employees due to shifts in global demand and changing e-mobility market conditions. Cetitec GmbH, which develops software for data communication systems used across Porsche and the Volkswagen Group, will be shut down, affecting around 90 employees. Porsche will begin discussions with employee representatives over closure processes.
Read at London Business News | Londonlovesbusiness.com
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