•1 min read•from TechCrunch
Porsche shutters e-bike, battery, software subsidiaries as part of company overhaul
Our take
Porsche is restructuring its operations by shutting down its e-bike, battery, and software subsidiaries, impacting over 500 employees. CEO Michael Leiters emphasized the necessity of this strategic realignment, stating, “We must refocus on our core business.” This decision, though challenging, aims to strengthen the company's foundation as it navigates an evolving market landscape. By concentrating efforts on its primary automotive offerings, Porsche is positioning itself for future success while acknowledging the difficult choices involved in this transition.
More than 500 people will be affected by the closures. “We must refocus on our core business,” Porsche CEO and executive chair Michael Leiters said in a statement. "This is the indispensable foundation for a successful strategic realignment. This forces us to make painful cuts — including our subsidiaries."
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