Porsche CEO aims to finalise new cost-cutting package by July, FAS reports

June 20 (Reuters) - Porsche CEO Michael Leiters expects a swift conclusion to negotiations on a second cost-cutting package at the German sports car maker, according to an interview with Frankfurter Allgemeine Sonntagszeitung published on Saturday.

"We want to reach an agreement with the employees before the factory holidays in July. Porsche employees need clarity," Leiters said.

• Porsche has previously said that it will axe 1,900 jobs in the coming years after laying off 2,000 temporary workers last year

• According to Leiters, Porsche plans lower production capacities than the around 280,000 cars sold last year

• "Porsche has to make money with fewer cars," Leiters told FAS

• Porsche also plans closer cooperation with sister company Audi, Leiters said

• Entry-level 718 series will continue

• Porsche saw its profit erode further in the first quarter of 2026 as deals with mounting challenges from tariffs, geopolitical turmoil and gaps in its model lineup

(Reporting by Matthias Williams, editing by Thomas Seythal)