Porsche to axe one in five jobs by 2035 as China, EV woes bite

BERLIN: German luxury carmaker Porsche will cut around one in five jobs by 2035, with 9,000 positions to be axed in total, as parent Volkswagen and its brands restructure in the face of weak demand and stiff competition.In a deal announced on Monday (Jul 27) after months of negotiations, Porsche management and labour representatives agreed to 5,000 additional job cuts that avoid compulsory redundancies through measures like natural attrition and voluntary schemes.These measures follow a first package of 3,900 job cuts agreed in February 2025 and another 500 announced by CEO Michael Leiters this year linked to the closure of subsidiaries.Porsche had a workforce of some 42,600 at the end of 2024. Upon becoming CEO at the start of the year, Leiters was tasked with overhauling the business aft