Porsche warns restructuring, trade tensions to hit year ahead ...Middle East

The luxury carmaker, whose

last month when it warned its margin this year would hit just 10-12% because of investments in new internal combustion engine and hybrid models, is in the midst of a cost-cutting drive, shrinking its workforce by just under 4,000 jobs and planning further cuts.

may impose

'persistently challenging'

Still, the luxury carmaker will keep its dividend for 2024 at the previous year's level despite a 30.4% drop in net profit, according to Reuters calculations.

But in the meantime, it pared back its medium-term margin target to 15-17% from 17-19%, citing a “persistently challenging environment”.

With EV demand lagging, the carmaker promised to offer a range of combustion engine, hybrid or electric models “well into the 2030s” and was evaluating the launch of a new SUV model line with combustion and hybrid options towards the end of the decade.

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