Free daily briefing on global business news.
The supervisory board approved the Future Plan 2030, the biggest restructuring in the automaker's 89-year history, on Thursday
Bloomberg / Getty Images
Volkswagen's supervisory board unanimously approved a restructuring plan on Thursday that includes cutting an additional 50,000 positions globally, bringing the total number of jobs eliminated across the group to 100,000.
Volkswagen described the Future Plan 2030 as the most strategically consequential overhaul in the group's history, built around 12 discrete initiatives designed to sharpen its competitive position and strengthen its financial results. Beyond the workforce reductions, the plan targets an operating margin of 9% by 2030 and calls for streamlining the group's model portfolio by around 50% by 2035, the company said.
