Porsche Shuts Down Key Subsidiaries Amid Declining Sales
German giant exits e-bike, battery, and software ventures as profits dip.
Porsche, the iconic German carmaker, is making big changes by shutting down three subsidiaries. Why? Sales are down, and profits aren't looking great. Announced Friday, this move represents a big shift in Porsche's business strategy.
Subsidiaries Closed
One of the subsidiaries facing closure is Cellforce Group, Porsche's ambitious battery division. Originally planned to be central to its electric vehicle (EV) strategy, Cellforce turned to R&D after in-house battery production plans fizzled. Now, Porsche's looking outside for battery solutions.
Also shutting down are Porsche eBike Performance, which specialized in e-bike drive systems, and Cetitec, which provided software for Porsche and Volkswagen. Over 500 jobs are on the line.
CEO's Vision
CEO Michael Leiters wants Porsche to
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