Porsche has said it will cut 500 jobs and close its electric bike motor division as the luxury manufacturer streamlines its activities to focus on its core sports car business.
Porsche eBike Performance developed high-performance e-bike motors for other bike makers, putting the Porsche driving experience on two wheels. But the division is now being shuttered due to “fundamentally changed market conditions”, the carmaker said on Friday.
It will continue to sell Porsche-branded e-bikes but these are manufactured by German company Rotwild.
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