The supervisory board approved the Future Plan 2030, the biggest restructuring in the automaker's 89-year history, on Thursday

Volkswagen announces plans to cut 100,000 jobs by 2030, marking a historic restructuring amid economic challenges.

Volkswagen, the world's second-largest automaker, is trying to get more nimble. It's planning huge job cuts as Chinese automakers step up competition.

Volkswagen’s board backs 50,000 additional job cuts, fewer models and a smaller industrial footprint as the carmaker targets a 9% margin by 2030.