Porsche is reportedly set to intensify its cost-cutting efforts as the luxury car manufacturer faces headwinds from declining sales in China and the impact of US import tariffs.

 

According to a memo to staff from CEO Oliver Blume, which was obtained by Bloomberg, the company is set to commence discussions on further cost-saving measures in the latter half of the year.

 

Blume said: “Our business model, which has served us well for many decades, no longer works in its current form.”