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Volkswagen Group CEO Oliver Blume secures board approval for 50,000 additional job cuts as part of a major restructuring plan.

Volkswagen Group CEO Oliver Blume announced that the company's supervisory board approved a plan to cut 50,000 additional jobs. This move doubles the total workforce reduction target to 100,000 positions by 2030, representing approximately 15% of the global staff. The restructuring is described as the most extensive transformation in the company's 89-year history. To improve profitability and competitiveness, the company plans to cut its model lineup by 50% and reduce vehicle complexity by 75% by 2035. The company also admitted to having overcapacity in Europe and is currently reviewing the future of four German plants: Emden, Hanover, Zwickau, and Neckarsulm. The announcement was met with a positive market reaction, with shares rising between 7% and 8% in Frankfurt. The plan received support from the company's unions, which represent over 650,000 workers. The company faces pressure from falling sales in China and the United States, high energy costs, and competition from Chinese electric vehicle manufacturers.

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