Berlin (Reuters) -The ORSCHEV CONSTRUCTION COMMISSION has begun conversations with the end of the Finance Chief Lutza Meschke and the sales director of Detleva von Plan, the German luxury car manufacturer said in a statement late on Saturday because he is fighting for an increase in earnings and poor sales in China.
The German large circulatory newspaper Bild first reported on conversations, and Porsche made a statement shortly after.
Porsche refused to make a further comment to Reuters.
Both managers have been criticized for poor company performances and poor shares prices, newspapers said.
In October, the car manufacturer said he would reduce costs because he was struggling with weakening economics and growing competition in China, the world’s largest car market and a slow transition of electric vehicles from expected.
Porsche’s shares, after initially strongly performed after their debut in September 2022, and even surpassed the Volkswagen parents from market capitalization, closed on the last day of trading on Friday 30% lower than the IPO price.
Volkswagen is located in the midst of huge restructuring and plans to reduce more than 35,000 jobs in the future, wanting to reclaim the soil than cheaper Chinese rivals due to poor demand in Europe and slower acceptance of electric vehicles.
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