Porsche AG has been going through some fairly rough times lately, what with a major sales drop in its single biggest market China. As such, the company has been executing several layoff plans and cost-cutting measures, including the recent one to divest from the joint Bugatti Rimac venture. The latest plan is to close three non-core subsidiaries, with the subsequent result that around 500 people will lose their jobs.
The three subsidiaries are Cellforce Group, Porsche eBike Performance, and Cetitec. Cellforce is a battery technology developer (focused on EV battery cells) based in Kirchentellinsfurt, Germany, while eBike Performance handled e-bike drive systems and performance components, with operations in Ottobrunn (near Munich), Germany, and Zagreb, Croatia. It will account for the largest share of cuts, around 360 positions. Cetitec is a software company specialising in data communications and automotive software, based in Pforzheim, Germany (with some roles in Croatia).
Porsche will continue to focus on its core business, which is to manufacture, market and sell sports cars of the highest quality.
