(Reuters) – Porsche AG said on Friday that it planned to cut more than 500 jobs as it discontinues three subsidiaries to focus on core business.
The company the units Cellforce Group GmbH, Porsche eBike Performance GmbH and Cetitec GmbH would be discontinued.
“Porsche must refocus on its core business. This is the indispensable foundation for a successful strategic realignment,” said CEO Michael Leiters in a statement.
“This forces us to make painful cuts — including our subsidiaries,” he said.
The German sports car maker saw its profit erode further in the first quarter of 2026 as it doubles down on cost-cutting to deal with mounting challenges from tariffs, geopolitical turmoil and gaps in its model lineup.
Reporting by Linda Pasquini, Editing by Miranda Murray
