Porsche CEO Michael Leiters unveils plan to cut jobs and boost luxury car sales in Germany

Porsche, the German luxury carmaker, is facing a crisis with declining sales, especially in China, and a sharp drop in profits. CEO Michael Leiters presented a plan to reposition the brand higher, increase the share of expensive models, and cut costs, including a 25% reduction in the workforce. The company aims to lower its break-even point to under 200,000 vehicles and expects the strategy to gain momentum next year.