Volkswagen plans another 50,000 job cuts in biggest restructuring in 90 years

German carmaker Volkswagen is set to cut another 50,000 jobs by 2030 as part of its biggest restructuring in almost 90 years, taking the total number of positions it plans to eliminate by the end of the decade to 100,000.Volkswagen, one of the world's largest carmakers, owns brands including Audi, Porsche, Skoda, Seat, Bentley and Lamborghini. The group has been grappling with weaker sales, falling profits and intensifying competition, particularly from Chinese electric vehicle manufacturers.The company's supervisory board approved the latest workforce reduction plan on Thursday. Volkswagen had already announced in March that it would cut 50,000 jobs by 2030."A fundamental adjustment of the global workforce capability is necessary" to protect the company's competitiveness amid changing demand and rapid technological shifts, Volkswagen said, as quoted by BBC.The company said the latest round of restructuring would involve "approximately 50,000 positions - including management roles".