Porsche AG (ETR: P911), the German sports car maker, has denied a report of further job cuts, in an internal memo seen by Reuters and published today. The denial follows a Handelsblatt report, relayed by Reuters, that Volkswagen’s supervisory board viewed 4,100 Porsche jobs as superfluous.
Leiters’ memo, cited by Reuters, disputed the figure: he wrote that Porsche had no plans to cut a further 4,000 jobs, and that the existing restructuring programme would not change. Reuters reported the two figures without reconciling them; the dispute between the Handelsblatt-sourced account and Porsche management’s on-record denial remains unresolved.
Volkswagen (ETR: VOW3), the German carmaker, shares fell 0.6% by 9.52am on Monday.
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Porsche AG (ETR: P911_p) shares dropped 2.3% on Monday, extending Friday’s 3.3% decline, while Porsche SE (ETR: PSHG_p), the family holding company that controls Volkswagen, fell 2.9% on Monday after sliding 4.9% on Friday.
The memo leaves untouched Porsche’s existing restructuring plan, which already includes 9,000 agreed job cuts and was approved by Porsche’s own supervisory board.
The dispute comes days after Volkswagen’s profit warning on Friday, which cut its 2026 operating margin guidance to a maximum of 1%, down from 4.0-5.5%, and flagged around 10 billion euros ($11.5bn) of special charges, including roughly 6 billion euros in impairment charges tied to new mid-term assumptions for Porsche.
German auto workers protested today at Volkswagen, BMW, the German carmaker, and parts supplier Bosch. Horst Ott of trade union IG Metall said management had failed to adapt.
Volkswagen works council chief Daniela Cavallo and IG Metall national head Christiane Benner called for stronger protection against Chinese competition, EU subsidy policy and the continuation of phased retirement arrangements. Benner said, according to Reuters, that corporate leaders and management teams needed to take responsibility for Germany as an automotive nation, for employees and for jobs.
