Porsche shuts down three non-core business units, laying off more than 500 employees

```htmlGolden Ten Data reported on May 8 that Porsche will shut down three non-automotive manufacturing business units, as CEO Michael Leiters is launching the first round of layoffs to counter declining sales and the cost pressures from adjusting its electric vehicle strategy. On Friday, Porsche announced plans to shut down its Cellforce battery business, its electric bicycle segment, and the software subsidiary Cetitec. This decision will affect over 500 employees in Germany and Croatia. In April, Porsche agreed to sell its shares in the joint venture owning the Bugatti supercar brand, and management has hinted that further asset divestitures may follow. In March this year, Leiters acknowledged that aside from the roughly 3,900 positions planned to be cut by the end of this decade, the company intends more layoffs. Currently, Porsche has about 40,000 employees. The company expects its capital expenditures to peak this year, then gradually decline as research and development spending decreases.```