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00:03Volkswagen's supervisory board approved a sweeping restructuring plan Thursday
00:07that includes cutting about 50,000 additional jobs worldwide
00:10as the automaker faces U.S. tariffs, overcapacity, and pressure from Chinese rivals, according to Reuters.
00:18The reductions come on top of 50,000 job cuts already underway,
00:22though Volkswagen did not provide a timeline or regional breakdown.
00:25The plan also includes exploring alternatives for four German plants in Emden, Svickau, Neckarsom, and Hanover
00:32as their models are phased out starting in 2031.
00:36The deal will simplify Volkswagen's corporate structure
00:39and reduce the supervisory board's influence over key decisions.
00:43Volkswagen did not disclose when the job cuts would occur
00:46or how they would be divided across brands and regions.
00:49Shares closed 7.9% higher following the news.
00:52For all things money, visit Benzinga.com.
