Porsche shuts three subsidiaries amid falling sales and shifts battery strategy.

Porsche is closing three subsidiaries, including its battery unit Cellforce Group, due to declining sales and profits. The automaker is moving away from making its own batteries, opting instead to rely on external suppliers as part of a new "technology-open powertrain strategy." Over 500 jobs will be cut as Porsche refocuses on its core business and restructures to become leaner and faster. Despite setbacks in EV development and sales drops in key markets, Porsche plans to continue launching new electric models while reviving some internal combustion platforms.