Porsche Closes Three Subsidiaries With The Loss of 500 Jobs as Turnaround Efforts Continue
By Dominic Chopping
Porsche is doubling down on its strategic turnaround efforts by shedding further non-core assets, as its new chief executive looks to streamline the automaker and boost profit.
The German luxury sports-car maker said Friday it will close three subsidiary companies, with the loss of around 500 jobs.
Battery-tech developer Cellforce Group, e-bike electric drive systems developer Porsche eBike Performance and Cetitec, a company that produces specialized software for data communications, are all being shut down.
"Porsche must refocus on its core business," CEO Michael Leiters said. "This is the indispensable foundation for a successful strategic realignment."
The news follows the company's recent agreement to sell out its stakes in hypercar joint venture Bugatti Rimac and electric-vehicle maker Rimac Group, and comes after Porsche last year decided to backtrack on its EV strategy.
Porsche is investing in new gas-powered and hybrid models after delaying the rollout of new all-electric vehicles, with Leiters targeting the production of more higher-margin cars, lower costs and a focus on profit over sales.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
May 08, 2026 08:58 ET (12:58 GMT)
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