Article #260386

German carmaker has struggled with rising competition in China, a key market for European luxury brands

Porsche is to cut more jobs after profits were largely cancelled out by a costly writedown on reversing its electric car strategy, as the luxury manufacturer also battled a prolonged sales slump in China.

The German carmaker appointed a new chief executive, Michael Leiters, on 1 January after four profit warnings last year that also contributed to it tumbling out of Germany’s DAX stock index.