Porsche To Cut 5,000 Jobs By 2035

German luxury sports car maker Porsche, a subsidiary of the Volkswagen Group, said Monday it would cut 5,000 jobs by 2035 as part of a strategic realignment to boost competitiveness.

The plan includes the “socially responsible reduction of a further 5,000 jobs by 2035, largely through natural attrition, demographic effects, the expansion of the special partial retirement programme and voluntary severance agreements,” the company said in a statement.