Stuttgart (dpa) – German sports car manufacturer Porsche is cutting a further 5,000 jobs in the Stuttgart region.
The company said on Monday that it has agreed with the works council to extend its employment guarantee until 2035.
The job cuts are to be carried out in a socially responsible manner – primarily through natural staff turnover, demographic factors, partial retirement schemes and voluntary termination agreements.
Porsche is one of many German carmakers that have seen profits plunge in recent years amid rising costs and heavy competition in the key Chinese market.
Source: dpa.com
