Porsche could face another 4,000 job cuts, Handelsblatt reports

BERLIN, Sept 19 (Reuters) - ‌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.

($1 = 0.8709 euros)

(Reporting by Rachel More; Editing by Jan ‌Harvey)

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