Volkswagen plans to cut 50,000 jobs

Volkswagen will cut roughly 50,000 more jobs under a restructuring approved Thursday by its supervisory board, as the automaker contends with Chinese competition, high energy costs and an expensive shift to electric vehicles.

Chief executive Oliver Blume called the decision a strong signal for the group's future. Unions, which had been at odds with management over the plan, came around, with IG Metall's Christiane Benner saying labor had fought hard for good solutions in a crisis and that the executive board now has a foundation to move forward.