Latest news with #Blume
The Irish Sun
4 days ago
- Automotive
- The Irish Sun
Iconic supercar brand ‘bracing for more cost cutting' weeks after halting all sales of EVs in the UK
AN ICONIC supercar brand is reportedly bracing for more cost cutting after halting all sales of its electric motors in the UK. The luxury carmaker is seeking ways to offset declining sales in China and the escalating cost of US tariffs. Advertisement 2 Porsche is bracing for more cost cutting measures Credit: Getty 2 The luxury carmaker seeks ways to offset declining sales in China and the escalating cost of US tariffs Credit: Getty Porsche CEO, Oliver Blume, has initiated negotiations on another round of cost-cutting measures. Blume had already announced additional savings in March while presenting the firm's 2024 results. An excerpt of a letter sent to the company's leadership said: "In the second half of 2025, employer and employee representatives will negotiate a second structural package to secure the company's long-term performance." Blume wrote: "Our business model, which has served us well for many decades, no longer works in its current form." Advertisement Read more Motors news Details about what the possible savings measures might look like weren't included in the letter. Porsche has been particularly struggling with low sales in China. But the carmaker is also facing difficulties in the US where import duties of 27.5% on motors have been in place since April. The company doesn't have production facilities in the US, importing its cars exclusively from Europe instead. Advertisement Most read in Motors Breaking Exclusive At the beginning of the year, Porsche had announced that it would cut 1,900 of around 40,000 jobs by 2029. This came after 2,000 temporary employees did not have their contracts renewed. Inside Dua Lipa's one-off 184mph Porsche 911 GT3 RS set to raise £100,000s for charity It's a fall from grace from the motor company which, at its 2022 stock market debut, was valued higher than parent company Volkswagen AG. Experts have linked the company's struggles to its overly aggressive and inflexible electrification strategy. Advertisement Porsche has had a goal of being 80 per cent electric worldwide by 2030 But the brand dramatically halted all sales of one of its electric vehicles in the UK in May. The company mysteriously told its retailers to stop selling a specific batch of the electric sports car. Several main Porsche dealers were asked to remove a selection of electric Taycan models from sale. Advertisement It followed a request from the Driver and Vehicle Standards Agency (DVSA) which manages motor recalls in the UK. The problem related to a previous recall issued in November by the DVSA which said it could pose a fire risk. that month too over the risk of the wheels falling off while driving. It issued a notice on three of its most popular models including the iconic Advertisement Owners were urged to "stop driving immediately".
Scottish Sun
4 days ago
- Automotive
- Scottish Sun
Iconic supercar brand ‘bracing for more cost cutting' weeks after halting all sales of EVs in the UK
It comes amid the company's recent struggles NEW ROUTE Iconic supercar brand 'bracing for more cost cutting' weeks after halting all sales of EVs in the UK AN ICONIC supercar brand is reportedly bracing for more cost cutting after halting all sales of its electric motors in the UK. The luxury carmaker is seeking ways to offset declining sales in China and the escalating cost of US tariffs. 2 Porsche is bracing for more cost cutting measures Credit: Getty 2 The luxury carmaker seeks ways to offset declining sales in China and the escalating cost of US tariffs Credit: Getty Porsche CEO, Oliver Blume, has initiated negotiations on another round of cost-cutting measures. Blume had already announced additional savings in March while presenting the firm's 2024 results. An excerpt of a letter sent to the company's leadership said: "In the second half of 2025, employer and employee representatives will negotiate a second structural package to secure the company's long-term performance." Blume wrote: "Our business model, which has served us well for many decades, no longer works in its current form." Details about what the possible savings measures might look like weren't included in the letter. Porsche has been particularly struggling with low sales in China. But the carmaker is also facing difficulties in the US where import duties of 27.5% on motors have been in place since April. The company doesn't have production facilities in the US, importing its cars exclusively from Europe instead. At the beginning of the year, Porsche had announced that it would cut 1,900 of around 40,000 jobs by 2029. This came after 2,000 temporary employees did not have their contracts renewed. Inside Dua Lipa's one-off 184mph Porsche 911 GT3 RS set to raise £100,000s for charity It's a fall from grace from the motor company which, at its 2022 stock market debut, was valued higher than parent company Volkswagen AG. Experts have linked the company's struggles to its overly aggressive and inflexible electrification strategy. Porsche has had a goal of being 80 per cent electric worldwide by 2030 But the brand dramatically halted all sales of one of its electric vehicles in the UK in May. The company mysteriously told its retailers to stop selling a specific batch of the electric sports car. Several main Porsche dealers were asked to remove a selection of electric Taycan models from sale. It followed a request from the Driver and Vehicle Standards Agency (DVSA) which manages motor recalls in the UK. The problem related to a previous recall issued in November by the DVSA which said it could pose a fire risk. Porsche recalled 1,000 high end luxury cars that month too over the risk of the wheels falling off while driving. It issued a notice on three of its most popular models including the iconic 911. Owners were urged to "stop driving immediately".
Business Times
5 days ago
- Automotive
- Business Times
Porsche plans more cost cuts to counter tariffs, China slump
[Stuttgart] Porsche warned its employees to brace for further cost reductions as the luxury-car maker seeks ways to offset declining sales in China and the escalating cost of US tariffs. The manufacturer will start negotiations on additional reductions in the second half of this year, chief executive officer Oliver Blume wrote in a memo to employees seen by Bloomberg. Management is following through on its pledge to find more savings after taking steps to reduce headcount earlier this year. 'Our business model, which has served us well for many decades, no longer works in its current form,' Blume said in the memo. Porsche is grappling with lower-than-expected demand for EVs and weak luxury sales in China, where the market for battery-powered cars is fiercely competitive. In the US, Porsche's single biggest market where it relies solely on imports, President Donald Trump's trade moves are weighing on margins. 'All of this is hitting us hard – harder than many other car manufacturers,' Blume said. Porsche earlier this month warned of a tough road ahead for sales this year, after a slowdown in the US and its persistent weakness in China. The additional cuts, to be hammered out with labour leaders, are meant to bolster Porsche's profitability in the coming years. The company targets an operating margin of 15 per cent to 17 per cent in the medium term, from 8.6 per cent in the first quarter. The 911 maker is following parent Volkswagen's lead in trying to whittle down its production costs in Germany, where labour and energy are expensive. Volkswagen clinched its own deal with unions late last year to slash production capacity and reduce headcount by 35,000 employees over the next five years. BLOOMBERG
The Star
6 days ago
- The Star
Greek owner of cocaine-loaded vessel seized in 2023 denies charges, lawyer says
FILE PHOTO: A police car is seen as police officers discharge drugs from the cattle ship Orion V seized off the Canary Islands, in the port of Las Palmas, in the island of Gran Canaria, Spain, January 26, 2023. REUTERS/Borja Suarez/File photo ATHENS (Reuters) -The Greek former owner of a cargo ship, seized by Spain in 2023 for carrying more than fourtons of cocaine along with coffee beans from Latin America to Europe, denies any link to drugs, his lawyer said on Friday. In January 2023, Spanish authorities intercepted the then Greek-operated, Togo-flagged vessel Blume, off the Canary Islands, finding cocaine worth about $200 million on board, in one of Spain's biggest cocaine hauls that year. They arrested its crew and took Blume, which had left Brazil for Russia, to the island of Tenerife. Greece this week detained its former owner, 68, his son, 24, and a woman. On Friday, the suspects appeared before a prosecutor to respond to charges that include running an international drug trafficking group at least since 2021. "The main investigation and a potential trial will confirm my clients' innocence," said their lawyer Sakis Kehagioglou, adding that the crew has been convicted over the case. Greek authorities have not named the detainees. A fourth suspect remains at large and is presumed to be in Turkey, said court documents seen by Reuters. Blume was monitored long before being intercepted, the documents said. British police were tipped off about the drug operation in September 2022. After scrutinising Blume's records, Spanish police concluded that it met the profile of vessels conducting ship-to-ship drug transfers. Tenerife authorities raided it on January 18, 2023, confiscating 153 bags of cocaine in a crew member's cabin and a storage room. Greece's probe found that the ship was bought in 2022 by Rentoor Chartering and operated by Dignatio Corp, both Marshall Islands-based companies set up by the 68-year-old suspect, a former police officer with a criminal record, the documents said. The renamed vessel was sold to a Turkish company in May. (Reporting by Yannis Souliotis; Writing by Renee Maltezou; Editing by Sharon Singleton)
Straits Times
6 days ago
- Straits Times
Greek owner of cocaine-loaded vessel seized in 2023 denies charges, lawyer says
Find out what's new on ST website and app. FILE PHOTO: A police car is seen as police officers discharge drugs from the cattle ship Orion V seized off the Canary Islands, in the port of Las Palmas, in the island of Gran Canaria, Spain, January 26, 2023. REUTERS/Borja Suarez/File photo ATHENS - The Greek former owner of a cargo ship, seized by Spain in 2023 for carrying more than four tons of cocaine along with coffee beans from Latin America to Europe, denies any link to drugs, his lawyer said on Friday. In January 2023, Spanish authorities intercepted the then Greek-operated, Togo-flagged vessel Blume, off the Canary Islands, finding cocaine worth about $200 million on board, in one of Spain's biggest cocaine hauls that year. They arrested its crew and took Blume, which had left Brazil for Russia, to the island of Tenerife. Greece this week detained its former owner, 68, his son, 24, and a woman. On Friday, the suspects appeared before a prosecutor to respond to charges that include running an international drug trafficking group at least since 2021. "The main investigation and a potential trial will confirm my clients' innocence," said their lawyer Sakis Kehagioglou, adding that the crew has been convicted over the case. Greek authorities have not named the detainees. A fourth suspect remains at large and is presumed to be in Turkey, said court documents seen by Reuters. Blume was monitored long before being intercepted, the documents said. British police were tipped off about the drug operation in September 2022. After scrutinising Blume's records, Spanish police concluded that it met the profile of vessels conducting ship-to-ship drug transfers. Top stories Swipe. Select. Stay informed. Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore HSA looking to get anti-vape cyber surveillance tool with AI capabilities Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Singapore Residents in South West District get help to improve employability, find career opportunities Singapore Jail for contraband cigarette syndicate member over conspiracy to give bribes to security officer Life Kinokuniya opens third bookstore in Raffles City, weeks ahead of schedule Business DBS shares rally to a new record as STI clocks yet another high Singapore 5 foreigners charged over scheme to deliberately get arrested in S'pore to sell sex drugs Tenerife authorities raided it on January 18, 2023, confiscating 153 bags of cocaine in a crew member's cabin and a storage room. Greece's probe found that the ship was bought in 2022 by Rentoor Chartering and operated by Dignatio Corp, both Marshall Islands-based companies set up by the 68-year-old suspect, a former police officer with a criminal record, the documents said. The renamed vessel was sold to a Turkish company in May. REUTERS
