German automaker Volkswagen announced Thursday that it plans to eliminate a total of 100,000 jobs by the end of the decade, marking what is expected to be the largest restructuring in the history of the global auto industry. Management and trade unions have agreed to reduce the company’s workforce by another 50,000 positions, on top of 50,000 job cuts already approved.

Volkswagen says it will cut 50,000 more jobs, taking total losses to 100,000.

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