Volkswagen plans 50,000 more job cuts amid biggest overhaul in its history

Volkswagen, the world's No. 2 automaker, is cutting back its workforce as it tries to fight Chinese automakers. Julian Stratenschulte/picture alliance via Getty Images Volkswagen is planning 50,000 job cuts in roughly three years. It comes as European automakers face stiff competition from low-cost Chinese automakers. High energy prices, complex vehicle portfolios, and US auto tariffs aren't helping, either. Volkswagen plans to cut roughly 50,000 more jobs worldwide. On Thursday, the company's supervisory board approved its "Future Plan 2030," a 12-part restructuring effort that Volkswagen calls the "most extensive transformation program" in its history. Volkswagen said a "fundamental adjustment" of its global workforce — including management roles — will be necessary beyond its existing cost-cutting programs. It did not say where the positions would be eliminated, when the reductions would happen, or whether they would come through layoffs, buyouts, or attrition.