Volkswagen’s board of directors on Thursday approved a sweeping cost-cutting plan that would see 50,000 jobs cuts, slim its model line by half and end auto production at four German plants.
On top of 50,000 job losses already previously agreed, the company would lose 100,000 positions.
The plan put forward by CEO Oliver Blume to counter low-cost competition in China and headwinds from US tariffs overcame resistance from employee representatives and the regional government, which holds a stake in the company.
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