The board of directors for Volkswagen AG met on July 9 to approve a new plan proposed by CEO Oliver Blume for the company's future.

Volkswagen's board will meet July ninth to discuss a major transformation plan. This plan includes potential closures of four German plants and significant job cuts. The company…

The Volkswagen Group plans to reduce the model lineup by as much as 50 percent. The number of options will decrease by up to 75 percent.

Volkswagen plans to halve its model lineup amid job cuts and plant closures, facing tensions with labor representatives.