Volkswagen’s supervisory board has approved an agreement advancing the group’s largest restructuring; Porsche is slated to cut roughly 4,100 employees to plug an estimated €700m indirect-cost shortfall, with the reductions stacking on top of existing accords. In July Porsche management and labour representatives agreed to add 5,000 cuts to a previously agreed 4,000. Volkswagen on Friday trimmed its full-year profit-margin target to at most 1% from 4.0–5.5%, citing a Porsche asset impairment. Por

Volkswagen’s supervisory board has approved an agreement advancing the group’s largest restructuring; Porsche is slated to cut roughly 4,100 employees to plug an estimated €700m indirect-cost shortfall, with the reductions stacking on top of existing accords. In July Porsche management and labour representatives agreed to add 5,000 cuts to a previously agreed 4,000. Volkswagen on Friday trimmed its full-year profit-margin target to at most 1% from 4.0–5.5%, citing a Porsche asset impairment. Porsche CEO Michael Leiters faces pressure to present a turnaround plan amid a sharp sales decline and higher costs tied to the maker’s reversal of its EV strategy.