Volkswagen announced plans on Thursday to drastically pare back its model lineup and further reduce production capacity, following a supervisory board meeting to discuss a far-reaching overhaul of the automaker.Europe's leading carmaker stated its model lineup would be gradually cut by up to half, concentrating on the most attractive market segments, and that production capacity would be further reduced to 9 million vehicles per year.Sources indicate CEO Oliver Blume plans to eliminate up to 100,000 jobs and close four German factories, a prospect that triggered massive worker protests across Volkswagen's German sites on Thursday. Sources indicate CEO Oliver Blume plans to eliminate up to 100,000 jobs (Getty Images)Senior executives are said to be considering this dramatic workforce reduction to achieve €11 billion (£9.5 billion) in cost savings by 2030, according to local media.According to Manager Magazin, the proposals involve reviewing four of the company's car manufacturing plants in Germany, with the possibility of halting production.A monumental restructuring looms for the 89-year-old Wolfsburg-based carmaker, owner of brands like Audi, Bentley, Skoda, and Seat. The proposed job cuts are set to significantly exceed earlier plans to reduce 50,000 positions across its German operations by 2030.Such a restructuring would mark a monumental shift for the 89-year-old Wolfsburg-based automaker, which owns brands like Audi, Bentley, Skoda, and Seat.Grappling with high costs and excess capacity at home, rising Chinese competition, and U.S. import tariffs, Volkswagen is under unprecedented pressure to restructure the business model that underpinned its success for decades. The potential for plant closures and deep job cuts at the 89-year-old company further highlights the challenges for Europe's largest economy, struggling with weak growth, high labor, and energy costs.During a supervisory board meeting in Wolfsburg on Thursday, Mr. Blume confronted powerful labor representatives, who oppose deeper cuts across the group, including Audi and Porsche.