Porsche's supervisory board has started talks to end contracts with finance chief Lutz Meschke and sales executive Detlev von Platen early, the company said in a statement late on Saturday, as it faces headwinds and continues to struggle in a bid to boost flagging earnings and weak sales in China.

German large circulation newspaper Bild was the first to report on the talks, with Porsche releasing a statement shortly after that.

Porsche declined to comment to Reuters.

Both managers have been criticized for the company's poor performance and weak share price, the newspaper said.

In October, the carmaker said it would cut costs as it struggles with a weakening economy, growing competition in China, the world's largest automotive market, and a slower-than-expected transition to electric vehicles.

Porsche's shares, having initially performed strongly following their debut in September 2022 and even outperforming its parent Volkswagen by market capitalization, closed on the last trading day on Friday, 30% lower than the initial public offering (IPO) price.

Volkswagen is undergoing a massive restructuring and plans to cut more than 35,000 jobs in the future. It is seeking to regain ground from cheaper Chinese rivals amid weak demand in Europe and a slower-than-expected adoption of electric vehicles.