With its sales in decline, Porsche’s new chief executive, Michael Leiters, is reportedly pushing for the company to downsize, dramatically reducing its production plans, cutting its workforce, and shrinking its executive board.

 

Under the leadership of former boss Oliver Blume, Porsche had been seeking to boost sales, aiming to sell between 350,000 and 400,000 vehicles per year. As production increased, so did Porsche’s workforce. However, poor sales of its EVs, as well as an overall downturn in its business across the US and China, led to a drop in Porsche’s profit margin to just over 1% last year.