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LISTEN: Porsche Decision to Cut 500 Jobs Signals Retreat From EV Tech
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Porsche announced plans to shut down three German-based subsidiaries tied to battery technology, e-bikes and software development. The affected businesses include Cellforce Group, Porsche eBike Performance and Cetitech. The luxury automaker said the moves will affect more than 500 jobs.
Porsche Executive Board Chairman Michael Leiters described the actions as an “indispensable foundation for a successful strategic realignment.”
Cellforce develops lithium-ion pouch cells. However, Porsche said the division no longer offers a “sufficiently viable long-term perspective” under its revised strategy. The automaker expects about 50 workers to lose their jobs.
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