Volkswagen board approves plan to cut another 50,000 jobs

The board of German car giant Volkswagen has approved a plan to cut another 50,000 jobs as part of a sweeping turnaround programme. It brings the total number of roles the company plans to shed by 2030 to 100,000.The group - which includes Audi, Porsche, Skoda as well as the VW brand - said in March that it would cut 50,000 roles by the end of the decade.The move is a "strong signal" for the future of the firm, which is "taking responsibility for our entire workforce", VW's chief executive Oliver Blume said in a statement on Thursday.Blume said in July that the firm was looking to make the additional cuts.The Beetle-maker has been hit by a drop in profits due to falling sales and fierce competition, especially from Chinese brands.VW will also prioritise the "most compelling vehicles" and make more of each model, which will help lower costs, it said.A "fundamental adjustment of the global workforce capability is necessary" to safeguard the competitiveness of the company, which faces shifting demand and technological change.It added "a Group-wide workforce adjustment of approximately 50,000 positions - including management roles - will be necessary."