Mumbai, May 11 -- German automotive luxury brand Porsche has announced the closure of three subsidiaries, as part of its strategic realignment to refocus on its core business.

The move comes following the sale of its stakes in Bugatti Rimac and the Rimac Group.

The strategic decision affects more than 500 employees across -

The management of these subsidiaries will now begin discussions with relevant works councils to manage the closures. The integration of software scopes from Cetitec is expected to align with Porsche's broader restructuring of its Research and Development division.

Dr. Michael Leiters, Chairman of the Executive Board of Porsche, said, "Porsche must refocus on its core business. This is the indispensable foundation f...