BERLIN: Volkswagen’s sweeping turnaround plan foresees more than 4,000 further job cuts at ​Porsche, German business daily Handelsblatt reported on Saturday, ‌following a profit warning linked to problems at the sports car subsidiary.

Files documenting a recent agreement by Volkswagen’s supervisory board to ​usher in the German auto group’s largest restructuring ​yet propose a reduction of “about 4,100 employees” at ⁠the brand, addressing an overhead shortfall of some €700 million ($803.8 ​million), according to Handelsblatt.

The newspaper said the cuts would ​be “in addition to existing agreements”.

In July, Porsche management and labour representatives agreed to an additional 5,000 layoffs on top of 4,000 ​determined earlier, bringing the scope of currently agreed job ​cuts at the Stuttgart-based 911 maker to around one in five ‌by ⁠2035.

Volkswagen declined to comment. A Porsche spokesperson declined to comment on the reported plans of Volkswagen’s supervisory board.

The parent company can only recommend, but not mandate, ​such measures at ​Porsche.

Volkswagen on ⁠Friday revised down its full-year margin target, now hoping for 1% at best ​rather than a previous range of 4.0-5.5%.

The ​revision ⁠was due in large part to a writedown at Porsche, where CEO Michael Leiters is under pressure to deliver ⁠a ​comeback strategy following a collapse ​in China sales and a costly reversal of the carmaker’s EV strategy.

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