Berlin (Reuters) -Porsche's supervisory board started conversations with End Finance Chief Lutz Meschke's and Sales Executive Detlev von Spen's contracts, said the German luxury car manufacturer in a statement on Saturday in a statement because it is struggling for profit and weak sale Increase in China, to increase the profit and a weak sale in China ,.
The German newspaper with large circulation Bild was the first to report on the conversations, in which Porsche issued a statement shortly thereafter.
Porsche refused to comment on Reuters.
Both managers were criticized because of the poor performance of the company and the weak share price, the newspaper said.
In October the car manufacturer said it would lower costs because it is struggling with a weakening economy and the growing competition in China, the world's largest automotive market and a slower transition from electric vehicles.
The shares of Porsche, which were initially strongly performed after their debut in September 2022, and even perform better than his parent Volkswagen through market capitalization, closed 30% lower on Friday on Friday than the IPO price.
Volkswagen is in the midst of enormous restructuring and intends to reduce more than 35,000 jobs in the future, to regain the land of cheaper Chinese rivals in the midst of a weak demand in Europe and a slower acceptance of electric vehicles.
(Reporting by Andrey Sychev and Victoria Waldersee; editing by Elaine Hardcastle)
