“Only if we achieve our goals and are economically successful can we also provide our employees with the necessary security.” Porsche plans to defer 3.5 percent of current and future collectively agreed pay increases for employees covered by company-specific salary arrangements. Regular employees will receive a one-off €1,500 transformation payment in August, rising to €1,911 for union members. The manufacturer has also cut positions in Leipzig and announced the closure of three subsidiaries employing more than 500 people. The saturation of the European auto market by cheaper Chinese imports has further exacerbated problems within the wider German industry.