Volkswagen’s supervisory board unanimously approved a turnaround agreement that doubles its cumulative workforce-reduction goal to about 100,000 positions and backs plans to halve the model range, simplify management and streamline its broad portfolio of businesses. The agreement, described as Volkswagen’s largest restructuring in its 89-year history, followed a standoff involving management, labor representatives and Lower Saxony, the automaker’s second-largest shareholder and a key German production region. The latest 50,000 planned job cuts add to roughly 50,000 reductions already targeted. Volkswagen will examine new uses for four German factories as production at the sites is phased out over the next decade. The locations, affected units and timetable for the reductions still require union negotiations, while the company has retained employment protections for most German operations through 2030. Volkswagen shares rose 6.47% in Frankfurt trading on Thursday after the company said its supervisory board had formally approved the plan. Earlier accounts placed the approval on Sept. 3 and said the outcome was disclosed late Thursday, while a separate market report described Volkswagen’s announcement as occurring Wednesday. The DAX closed 0.16% higher at 26,046.40, aided by gains in automotive shares. The overhaul comes as Volkswagen contends with weaker Chinese sales, intensifying competition from Chinese electric-vehicle makers, high European production costs and U.S. tariffs. The automaker reported roughly $3.4 billion in tariff-related costs last year, while separate earlier reporting estimated 2025 tariff costs at €2.9 billion. Investors welcomed the board’s approval, though analysts said implementation will determine whether the plan restores competitiveness. CEO Oliver Blume said Volkswagen would continue investing a three-figure-billion sum in its brands, vehicles and technology.