Volkswagen approves plan for additional 50,000 global job cuts

Berlin (ANTARA) - Volkswagen approved a transformation plan on Thursday that will cut an additional 50,000 jobs and reduce half of its model portfolio by 2035.

The Volkswagen Group Supervisory Board unanimously approved the Executive Board’s ‘Future Plan 2030’, which includes ‘workforce adjustments across the Group of approximately 50,000 positions’ alongside the 50,000 job cuts already underway, the group stated in a statement.

“By 2035, the Volkswagen Group will streamline approximately 50 percent of its model portfolio and reduce its offering complexity by about 75 percent,” the statement read.

The company did not provide further details regarding the timeline for the job cuts or how they will be distributed across its brands and regions of operation.

“This is a strong signal for the future of the Volkswagen Group. We are responsible for our entire workforce, our partners, and industrial jobs worldwide,” said Oliver Blume, CEO of Volkswagen Group, as quoted in the statement.