Volkswagen approves major restructuring plan involving fifty thousand additional job cuts

…way for the company to slim its vehicle lineup by as much as 50% by 2035. The 50,000 new cuts represent about 8% of VW’s global workforce as of the end of last year. Board approves Future Plan amid mounting pressure “ Given intensifying global competition, shifting demand and technological change in the automotive industry, a consistent alignment of workforce capacity with economic reality is essential ,” the company said in a statement. The board approved the comprehensive restructuring effort, known as the Future Plan, at a meeting in Wolfsburg, Germany. VW’s works council, which represents the company’s employees,…

…no plant closing had been agreed upon and that plans to separate the VW passenger-car and components businesses were off the table. “The work is only just beginning,” the labor chiefs said of the restructuring plan. “ What we will continue never to accept, however, is the burden being placed one-sidedly on employees. ” Porsche-Piëch family pushes for faster action The Porsche-Piëch family, which controls a majority of VW’s voting rights through Porsche SE, has pushed for faster action as returns and dividend flows come under…