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German business daily Handelsblatt reported on Saturday that Volkswagen's large-scale turnaround plan is expected to involve further job cuts of more than 4,000 at Porsche. Relevant documents show that Volkswagen's supervisory board recently approved an agreement aimed at advancing Volkswagen's largest restructuring plan to date. The documents propose that the Porsche brand cut "around 4,100 employees" to offset an indirect cost gap of about 700 million euros. These layoffs will be "on top of existing agreements." In July, Porsche management and labor representatives agreed to add another 5,000 layoffs on top of the previously determined 4,000 job cuts. Volkswagen on Friday lowered its full-year profit margin target and now expects it to be only 1% at most, compared with the previous target range of 4.0% to 5.5%. The adjustment mainly stems from asset impairments at Porsche. Porsche CEO Michael Leiters is currently under pressure to propose a recovery strategy to cope with a sharp decline in market sales and the high costs brought about by the automaker's reversal of its electric vehicle strategy.