Porsche Exits Battery and Electric Bike Business, Sells Rimac Stakes

Porsche is shutting down three units: a battery development business, an electric bike division, and a ceramics company. The company is also selling its ownership stakes in Rimac, an electric supercar maker. Over 500 jobs are affected. The moves signal Porsche is pulling back from experimental technology bets and refocusing on its core car business and retail operations instead.