Pole Position: UBS European & US Autos Daily

Research evidence excerpt

Pole Position: UBS European & US Autos Daily

Global Research

6 July 2026ab

Pole Position Equities

Europe including UKUBS European & US Autos Daily

Automobiles

Patrick Hummel, CFA

Porsche to reportedly reduce headcount by 4,000 - media report Analyst

According to Handelsblatt, Porsche could cut up to 4,000 more jobs (10% of its global patrick.hummel@ubs.com

workforce), following the headcount reductions already announced, with staff in +41-44-239 52 54

management (below board level) and administration particularly affected. The report David Lesne

indicates that around 30% of capacity at the Weissach development centre is under Analyst

review. The company has not commented specifically on the report, but referred to a david.lesne@ubs.com

comprehensive package to be presented by the end of July. +33-14-888 3034

Joseph Spak, CFA

Our view: Analyst

The additional potential white-collar job cuts suggested by Handelsblatt would be joseph.spak@ubs.com

+1-212-713 3089

consistent with our upgrade to Buy report, from earlier this month. We think the

elements of a turnaround at Porsche are becoming increasingly visible, specifically in: (1) Juan Perez-Carrascosa

a better-fit product portfolio: missteps of the past (too strong a BEV focus) are being Analyst

addressed; new (top-end) products with ICE/hybrid powertrains are lined up. (2) Better juan-perez.carrascosa@ubs.com

+34-91-436 9025

execution: New management is showing determination to clean up (non-core asset

sales, leaner organisation) and focus on product quality. (3) Right-sizing: We think a Paul Gong

leaner, 'new Porsche is likely to emerge after a period of less effective efficiency Analyst

measures, with a right-sized organisation for ~250-280k annual volume (vs. ~350k paul.gong@ubs.com

+852-2971 7868