Porsche's recent decision to cut 500 jobs and shut down its electric bike motor division has sent shockwaves through the automotive industry. The move is seen as a significant blow to the company's efforts to expand its electric vehicle offerings, as the bike motor division was a key part of its e-mobility strategy. The closure of the division, which was established in 2019, is reportedly due to a lack of demand and high production costs. The job cuts are expected to have a significant impact on Porsche's workforce, particularly in Europe, where the company has a large presence.
Porsche cuts 500 jobs and closes its electric bike motor division Financial Times
