Porsche shutters e-bike, battery and software subsidiaries in restructuring

The company said the closures will directly affect about 1,500 employees and translate into a sizeable one-off charge this year. Slower demand in the EV market and a stronger hybrid segment were cited as the main reasons for revising production plans.

The e-bike unit had been pitched at a new luxury-leisure consumer; sales fell short of expectations. The software subsidiary was developing customer interfaces that competed with VW Group's shared Cariad unit, and management said the parallel work had become inefficient.

Porsche said the high-performance additives developed at its battery subsidiary Cellforce will continue under an academic co-lead. Investors took the move positively, sending the share price up 1.7 percent.