Volkswagen's board of directors has approved a plan to significantly reduce its workforce and operations. The plan, called Future Plan 2030, involves cutting 50,000 jobs and closing four plants in Germany. Several models will also be discontinued as part of the plan.

The goal of Future Plan 2030 is to position the Volkswagen Group for long-term success and make it more competitive. The plan includes 12 initiatives aimed at making the company more resilient.

Further details about the plan and its implementation are available from Volkswagen's news release. The company says the plan will pave the way for sustainable success and make its brands stronger.