German luxury sports car maker Porsche has joined others in the struggling auto industry in plans to lay off workers.
The brand revealed a plan on Thursday to cut around 2029 jobs at its two factories in Stuttgart by 1.900.
Porsche employees have contractually guaranteed employment until 2030, so the company will have to rely on voluntary departures.
Porsche began reducing its workforce last year by stopping renewing fixed-term contracts.
Earlier this month, Porsche unexpectedly and without explanation fired CFO Lutz Meschke and sales director Detlef von Platen.
The company is facing a decline in share value and sluggish sales in the important Chinese market.
In addition, Porsche, which has developed an extremely ambitious plan to produce electric cars, recently announced that it is returning its focus to vehicles with a conventional engine.
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