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Porsche will close three non-vehicle manufacturing business units: its Cellforce battery business, electric bicycle business, and Cetitec software subsidiary. It will also implement layoffs for the first time to address cost pressures stemming from declining sales and strategic adjustments in its electric vehicle (EV) strategy. This move will affect more than 500 employees in Germany and Croatia. In April this year, Porsche agreed to sell its stake in the Bugatti joint venture, with management hinting at possible further asset divestitures in the future. CEO Blume stated in March that in addition to the approximately 3,900 job cuts planned by the end of this decade, further layoffs would occur, with the company currently employing around 40,000 people. The company expects capital expenditures to peak this year before gradually declining as R&D spending decreases.
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