Porsche plans to make its cars even more exclusive while continuing to cut costs and streamline its operations as it targets higher profitability in coming years. The German sports car maker said ahead of an investor event Wednesday that it will offer more higher-end vehicles and aim to increase the average selling price of the models by about 20%. By 2030, it plans to launch at least one “brand-defining” new product every year.
The plans elaborate on broader actions that Chief Executive Michael Leiters had outlined earlier this year that includes investing in new gas-powered and hybrid models, targeting profitability over volume, and reducing the number of model variants. Various departments have been streamlined and leadership reshuffled as Porsche works through previously announced plans to cut 5,000 jobs on top of 3,900 that were earlier earmarked to increase efficiencies and elevate its competitiveness.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing