Porsche shutters e-bike, battery, software subsidiaries as part of company overhaul

Porsche is closing three of its subsidiaries as it copes with falling sales and declining profits, the German automaker announced Friday.

The automaker’s battery subsidiary,Cellforce Group, is perhaps the highest-profile casualty. The division had already been through a “realignment”in Augustafter Porsche dropped plans to make its own batteries, turning Cellforce into a research and development arm.

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