Volkswagen Reportedly Plans to Cut About 4,100 More Jobs at Porsche

Volkswagen is reportedly planning to cut about 4,100 jobs at Porsche as part of a broader turnaround effort after issuing a profit warning tied to problems at its sports-car subsidiary. According to Sina Finance, a document recording a recent agreement reached by Volkswagen's supervisory board said the group plans to reduce Porsche's workforce by about 4,100 employees to address an operating cost gap of about 700 million euros, or about $803.8 million. The report said the layoffs would be carried out outside existing agreements. In July, Porsche management and labor representatives agreed to cut an additional 5,000 jobs on top of an earlier plan to eliminate 4,000 positions, which would bring total cuts to about one-fifth of the company's workforce by 2035.