Significant Job Cuts at Porsche

In a surprising move, Porsche AG, the renowned German sports car manufacturer, has declared a significant reduction in its workforce. Approximately 1,900 employees at its Zuffenhausen and Weissach plants in Germany are set to be laid off, as reported by Harald Buck, Chairman of the Works Council, and Andreas Haffner, HR manager, to Stuttgarter Zeitung on Thursday.

Timeline and Details of the Layoffs

The job cuts are planned to be fully implemented by 2029, with a commitment from Porsche to secure its employees' positions until 2030. Until then, the company has assured that operationally motivated layoffs are not on the table, and any reductions will be made through voluntary redundancies.

Impact of the Savings Plan

As part of its broader savings strategy, Porsche has already stopped renewing temporary contracts, affecting 1,000 positions so far. An additional 1,000 temporary contracts are expected not to be renewed in the near future, further emphasizing the company's efforts to streamline its operations.