Porsche (P911), the Volkswagen sports car unit, will cut another 5,000 jobs by 2035 under a second restructuring package agreed with labor representatives, the two sides said in a joint statement. The cuts follow an earlier package of 3,900 and a further 500 announced by new CEO Michael Leiters this year. Shares were down 0.11% in Frankfurt.
The deal extends plant location guarantees by five years to 2035 and commits 2.1 billion ($2.39 billion) to the Zuffenhausen and Weissach sites.
Porsche has gone from Volkswagen's profit engine to one of its problems in the space of a few years. The agreement also lands ahead of a wider fight over cuts proposed across the group, which is contending with high costs, competition and tariffs.