(RTTNews) - German luxury automaker Porsche AG is reportedly planning to cut an additional 1,900 jobs across the company over the next four years.
According to Reuters, the company aims to reduce its workforce by 15% at its main sites in southwestern Germany, including Stuttgart-Zuffenhausen and Weissach, by 2029.
Porsche, majority-owned by Volkswagen AG, stated that forced redundancies are not an option under a location safeguarding agreement valid until 2030.
The decision comes amid major transformations in the global automotive industry, driven by the shift toward electric vehicles and autonomous driving technologies.
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