Volkswagen plans to further cut 50,000 jobs and streamline the product line to advance the struggling automaker's comprehensive reforms. Volkswagen said on Thursday that the company's supervisory board unanimously approved a comprehensive restructuring plan to improve operational efficiency and enhance competitiveness. This means that after months of resistance, the reforms proposed by CEO Oliver Blume were supported. Volkswagen said in a statement that the supervisory board approved this reform plan called the “Future Plan” at a meeting held in Wolfsburg. Volkswagen later said in a statement that the plan called for the reduction of another 50,000 jobs, bringing the total number of employees the company plans to lay off to 100,000. Volkswagen will streamline its business and asset portfolio while reducing its model lineup by approximately 50% by 2035.

Volkswagen plans to further cut 50,000 jobs and streamline the product line to advance the struggling automaker's comprehensive reforms. Volkswagen said on Thursday that the company's supervisory board unanimously approved a comprehensive restructuring plan to improve operational efficiency and enhance competitiveness. This means that after months of resistance, the reforms proposed by CEO Oliver Blume were supported. Volkswagen said in a statement that the supervisory board approved this reform plan called the “Future Plan” at a meeting held in Wolfsburg. Volkswagen later said in a statement that the plan called for the reduction of another 50,000 jobs, bringing the total number of employees the company plans to lay off to 100,000. Volkswagen will streamline its business and asset portfolio while reducing its model lineup by approximately 50% by 2035.