Porsche to cut another 5,000 jobs

BERLIN, ​- German ​carmaker Porsche will cut another ​5,000 jobs by 2035 under a second package of restructuring measures agreed between ‌management ⁠and labour representatives, ⁠both sides said in a ​joint statement on Monday.

The measures at Porsche, a ​Volkswagen subsidiary that has gone from profit driver to crisis case ​in recent years, ⁠comes ahead of ‌a broader showdown ​over ​drastic cuts proposed across the ⁠group, which is battling high costs, ​stiff competition and tariff woes.

The ​latest Porscheredundancies follow a first package of 3,900 job cuts and another 500 announced by new CEO Michael Leiters earlier ‌this year. They will be carried out in a socially ​responsible ​manner, the ⁠statement said.


The deal also includes an extension of plant location guarantees by five ​years until 2035 and €2.1 billion ($2.39 billion)in investments in its Zuffenhausen and Weissach factories, it added.