Porsche CEO Michael Leiters denied reports regarding an additional layoff of 4,000 employees. In an internal memo, Leiters stated that the company has no plans for further staff reductions beyond the previously agreed restructuring plan, which has already received approval from the supervisory board.
The statement follows reports from the German newspaper Handelsblatt, which claimed that Volkswagen Group was pushing for further cuts at Porsche to address declining financial performance. However, Leiters emphasized that the current restructuring strategy remains unchanged and will not be adjusted.
Previously, in July, Porsche management and labor representatives reached an agreement to cut approximately 9,000 jobs in total. This figure includes an initial reduction of 4,000 positions and an additional 5,000 roles, representing about one-fifth of the company's total workforce by 2035.
While Volkswagen Group acts as the parent company, it lacks the authority to enforce layoffs at Porsche and can only provide recommendations. Meanwhile, Volkswagen recently lowered its annual profit margin forecast from a range of 4.0-5.5 percent to a maximum of 1 percent.
