OTTOBRUNN, Germany (BRAIN) — Citing "fundamentally changed market conditions for e‑bike drive systems," Porsche AG announced Friday it is closing its e-bike subsidiary Porsche eBike Performance GmbH.
Fellow subsidiaries Cellforce Group GmbH and Cetitec GmbH also are being dissolved, the company said in a news release.
The Ottobrunn and Zagreb sites closing will affect about 360 eBike Performance employees. In total, the closing of the three subsidiaries affects more than 500 employees. The decision follows the planned sale of Porsche's stakes in Bugatti Rimac and the Rimac Group.
"We must refocus on our core business. This is the indispensable foundation for a successful strategic realignment," according to Dr. Michael Leiters, Porsche executive board chairman. "This forces us to make painful cuts — including our subsidiaries."
Cellforce Group, based in Kirchentellinsfurt, manufactures lithium-ion pouch battery cells that are mainly used for electric sports cars. Located in Pforzheim, Cetitec develops software for data communication for Porsche and the Volkswagen Group.
Last year, Porsche eBike Performance announced that it would build a battery production facility in Sveta Nedelja, Croatia, that was scheduled to open this year. In 2022, Porsche acquired the remaining 80% of shares in German e-bike drive system Fazua GmbH.
