Porsche will cut an additional 5,000 jobs by 2035 as part of a second restructuring package agreed upon by management and labor representatives. These reductions come on top of 3,900 positions already planned for cut by 2029 and another 500 announced by CEO Michael Leiters earlier this year, bringing total planned layoffs to nearly 9,400.
The agreement reached with labor officials protects the company's main German sites and rules out compulsory redundancies.
The Volkswagen subsidiary has been hit particularly hard by the collapse in Chinese demand for German luxury cars.