German Luxury Car Giant to Lay Off 9,000 Employees

German luxury car manufacturer Porsche has announced that it will lay off approximately 9,000 employees by 2035 due to the downturn in the Chinese market and difficulties in the transition to electric vehicles. This decision comes after the company's sales in China, once its most profitable market, have plummeted, and its electric vehicle strategy has failed to achieve the expected success. The layoffs will be carried out through natural workforce reduction, retirement, and voluntary departure programs, rather than compulsory terminations. As of the end of 2024, Porsche had approximately 42,600 employees worldwide. The planned cuts will affect about one-fifth of the company's workforce.