Volkswagen advances restructuring plan and plans to cut another 50,000 jobs

Volkswagen plans to further cut 50,000 jobs and streamline its product lines to advance the comprehensive reform of the troubled automaker. Volkswagen announced on Thursday that its supervisory board unanimously approved a comprehensive restructuring plan to improve operational efficiency and enhance competitiveness. This means that, after months of resistance, the reform plan proposed by CEO Oliver Blume has gained support. In a statement, Volkswagen said the supervisory board approved the reform blueprint, called the "Future Plan," at a meeting held in Wolfsburg. Volkswagen later stated in its announcement that the plan calls for an additional 50,000 job cuts, raising the company's total planned layoffs to 100,000. Volkswagen will streamline its businesses and asset portfolio, and aims to reduce its model lineup by about 50% by 2035.