Transportation
Porsche CEO Plans More Job Cuts as China Sales Keep Falling
Porsche’s investments will peak this year and then gradually decline as the company reduces research and development spending.
Photographer: Krisztian Bocsi/BloombergPorsche AG’s new CEO Michael Leiters plans to cut more jobs at the German luxury-car maker and add models positioned above the 911 to bolster profits.
The moves are meant to counter tariffs and Porsche’s costly revamp of its overly ambitious electric-vehicle strategy. The manufacturer expects revenue to decline slightly this year on another sales slump in China, where local manufacturers are pushing into the luxury segment.