VW chief confirms plan to cut 50,000 jobs as board rejects plant closures

Volkswagen's CEO, Oliver Blume, has announced an ambitious plan to cut 50,000 jobs, marking one of the company's most significant restructuring efforts in its history. Despite this, the supervisory board has refused to approve the closure of four German plants. Blume assured staff that while the proposals involve controversial decisions, he enjoys broad support for the sweeping changes. This move underscores Volkswagen's efforts to adapt to the evolving automotive market and to reduce costs amid growing competition and shifting consumer preferences.