Layoff news: Porsche to terminate 9,000 jobs, management positions face 40% cuts; car prices to go up 20%

Porsche plans to eliminate roughly 9,000 jobs by 2030 as it reshapes its business. The cuts represent about 25% of the sports car maker’s workforce. The company said reductions could reach 30%, including cuts already announced. Falling Chinese sales and a costly reversal of its electric-vehicle strategy worsened the pressure.On 7 October, Chief Executive Michael Leiters presented the restructuring plan near Stuttgart. The announcement came during a Capital Markets Day at Porsche’s Weissach Development Centre.Called Sportwagenschmiede '35, the strategy focuses…