Porsche unveils radical restructuring plan with job cuts and new supercar launch

Facing reduced demand in the United States and China, Porsche is rolling out a comprehensive restructuring dubbed "Sportwagenschmiede 35." Michael Leiters, who succeeded Oliver Blume, outlined a target to cut roughly a quarter of the workforce and reduce management layers by 40 percent. The company will also trim the variety of its six current models, aiming for a 20 percent reduction in variants.

A new mid-engine supersport car, developed on its own platform, will sit above the iconic 911, while an ultra-luxury SUV may draw on Audi technology. Porsche expects higher average selling prices and a return to double-digit operating margins, with a dividend payout of at least half of net profit.