Porsche is bracing for a new wave of job cuts as new CEO Michael Leiters pushes forward with a sweeping restructuring plan.
The German sports car maker could eliminate between 5,000 and 6,000 positions by 2035, on top of the 3,900 redundancies already announced under former CEO Oliver Blume.
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The supervisory board has signed off on the wider restructuring package, according to a report from Reuters. Plans may be presented to workers as early as next week.
Leiters, who previously led McLaren for nearly three years, took the helm from Blume, who had been juggling leadership roles at both Volkswagen and Porsche.
His mandate is to reverse a sharp decline in profitability.
A 93% Profit Plunge and an EV Overcommitment
Porsche posted a 93 percent drop in operating profit last year.
The slump was triggered by international tariffs, declining sales in China, and the company's overcommitment to electric powertrains.
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Significant losses have been incurred on the electric 718 Boxster/Cayman and the K1 flagship SUV projects.
In response, Porsche has walked back its pledge to exclusively build the next-generation Boxster and Cayman as EVs.
The K1 mega SUV will also no longer be sold solely with an electric powertrain.
Instead, the K1 will switch from VW's Scalable Systems Platform to the Premium Platform Combustion architecture, supporting V6 and V8 engines along with hybrid options.
Leiters has said Porsche will lean more heavily into high-margin models like the 911 and simplify its lineup.
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Importantly, the brand does not intend to boost sales volumes as part of its restructuring.
