Porsche is planning to cut 1,900 jobs by 2029 at its Stuttgart and Weissach locations, citing weak EV demand. The luxury automaker's Taycan EV has underperformed sales expectations, and the broader slowdown in premium EV adoption has forced a reset.
Porsche's cuts are modest compared to parent company Volkswagen's 50,000, but they carry symbolic weight. If Porsche, with its brand premium and loyal customer base, cannot make EVs work at the pace originally planned, it suggests the EV transition in the luxury segment faces headwinds that go beyond price sensitivity.