Volkswagen cut its 2026 operating return on sales forecast to no more than 1%, from a previous range of 4% to 5.5%, as weakness in China, restructuring costs and Porsche-related charges weighed on earnings. The company expects approximately €10 billion in special items this year, including a roughly €6 billion non-cash Porsche goodwill impairment and additional second-half costs. Handelsblatt reported that Volkswagen's turnaround plan proposes about 4,100 further job cuts at Porsche, on top of 9,000 reductions previously agreed by Porsche management and labor representatives. Volkswagen can recommend such measures at Porsche but cannot require them. Volkswagen declined to comment, while a Porsche spokesperson also declined to comment on the reported supervisory-board plans.