Volkswagen is reportedly looking to lay off ~4,100 people from its Porsche brand
"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." - Reuters
Volkswagen lowered its operating margin forecast, reflecting a writedown on its stake in Porsche, a sharp contraction in the Chinese car market and costs related to its overhaul
Volkswagen’s historic revamp could spell the end for its struggling Spanish marque Seat, potentially making it the first major auto-brand casualty of the rise of Chinese carmakers as experts predict sweeping industry consolidation