Porsche has announced the closure of three subsidiaries as part of a large-scale business reorganization. Specifically, the Cellforce Group battery production unit, the Porsche eBike Performance electric bicycle division, and the Cetitec company, which develops software for the Volkswagen Group, are being shut down. This decision will result in more than 500 employees losing their jobs. This is reported by Ixbt.com news.
The most unexpected decision was the closure of the Cellforce project. A few years ago, Porsche aimed to differentiate itself from competitors by producing its own batteries through this division. However, the company has now announced a shift to a "technologically neutral powertrain strategy," which means abandoning the development of its own batteries.
Porsche CEO Michael Steiner emphasized that the company must focus on its core business and take such painful steps to increase efficiency. The brand's sales figures in North American, European, and especially Chinese markets have declined significantly. A 21 percent drop in deliveries in China indicates a decrease in the company's competitiveness in the electric vehicle market.
The company is revising its electrification strategy. Following the success of the Taycan, delays caused by software issues in the production of the Macan Electric have impacted the brand's reputation. Porsche is now selling stakes in assets like Bugatti Rimac and Rimac Group to invest more in modernizing internal combustion engine platforms.
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