Volkswagen’s largest restructuring, estimated at about €16 billion, could result in well over 100,000 layoffs across the group as the carmaker confronts Chinese competition, U.S. tariffs, high costs and overcapacity. The plan includes up to €10 billion by 2030 to eliminate roughly 60,000 jobs through retirement schemes and severance, another 50,000 layoffs under current cost targets, and about €6 billion for the possible cessation of vehicle production at four German plants in the 2030s. Lower Saxony premier Olaf Lies, who sits on Volkswagen’s supervisory board, backed the agreement despite political pressure from the far-right Alternative für Deutschland, or AfD, ahead of municipal elections and next year’s state election. Lower Saxony owns a 20% stake in Volkswagen, hosts its headquarters and six plants, and appoints two members of the company’s 20-member supervisory board. Lies said rejecting the agreement could have exposed Volkswagen to greater risks, while analysts expect at least two of the four plants to close.