Volkswagen is said to have called for another 4,000 layoffs at Porsche

Volkswagen VWAGY anticipates more than 4,000 additional job cuts at its sports car subsidiary ​Porsche POAHY as part of a massive restructuring drive, German business daily Handelsblatt reported on Saturday.

The German automaker’s turnaround plan calls for a reduction of "about 4,100 employees" at Porsche POAHY to address an overhead shortfall of about €700M ($803.8M), according to files documenting a recent agreement by Volkswagen's supervisory board.

The latest job cuts as proposed would be "in addition  to existing agreements," the newspaper said. In July, the Stuttgart-based 911 maker announced plans to cut around 9,000 global workers by 2035, including 3,900 roles previously selected for elimination.

The report on additional job cuts comes a day after Volkswagen VLKAF cut its 2026 profit guidance, citing, among other things, a goodwill impairment charge related to Porsche POAHF. The parent company can only recommend, but not mandate, ​such remedies.

Earlier this month, the supervisory board of Volkswagen VWAGY approved a wide-ranging restructuring plan, the most extensive in the company’s 89-year history—that will include 50,000 additional job cuts in an attempt to improve efficiency and boost its competitive position.

Volkswagen VLKAF and Porsche POAHF didn’t immediately respond to requests for comments.