VW stock reacts strongly after the supervisory board approves a far-reaching Future Plan 2030 with 1

Volkswagen Group announced late Thursday that it plans to eliminate 50,000 jobs and cut half of its vehicle offerings. The German automaker is struggling with headwinds from increasing Chinese competition in Europe and tariff costs on its shipments to the US market.

Volkswagen Group announced late Thursday that it plans to eliminate 50,000 jobs and cut half of its vehicle offerings. The German automaker is struggling with headwinds from increasing Chinese competition in Europe and tariff costs on its shipments to the US market.

Volkswagen, the world's second-largest automaker, is trying to get more nimble. It's planning huge job cuts as Chinese automakers step up competition.

Volkswagen AG’s supervisory board backed a sweeping restructuring that calls for 50,000 additional job cuts, far fewer models and a smaller industrial footprint, giving chief executive officer Oliver Blume his clearest mandate yet to overhaul Europe’s biggest carmaker.

Volkswagen's board approved a comprehensive cost-cutting plan on September 3, 2026, including 50,000 job cuts, halving the model lineup, and phasing out production at four German plants by 2034.

Today, the Supervisory Board of the Volkswagen Group unanimously approved the Executive Board’s Future Plan 2030. As the automotive industry and its markets undergo their fastest and most fundamental shift to date, it enables the Volkswagen Group to pave the way for sustainable long-term success. The Future Plan 2030 sets the stage to make the Volkswagen Group and its brands stronger, more competitive and better positioned for the future. The Executive Board will now jointly drive the necessary measures, collaborating with the brands, subsidiaries and employee representatives.

At its meeting today, the Supervisory Board of Volkswagen AG appointed Erika Rasch to the Group Board of Management effective October 1, 2026, and assigned her responsibility for Human Resources. She therefore also takes on the role of Labor Director. Thomas Schäfer has served in this position on an interim basis since July 2025. Erika Rasch joins Volkswagen from the Robert Bosch Group, where she latterly held responsibility for Global Human Resources (HR).