Investing.com -- Volkswagen outlined plans today to reduce its workforce by approximately 50,000 positions as part of its 2030 strategic plan. The workforce adjustment is based on a group-wide survey examining future staffing needs.

The Supervisory Board requested the Group Executive Board to develop a model for an advanced decision-making and group structure for Volkswagen Group.

The company set a key financial target of achieving an operating return on sales of 9% by 2030. This target corresponds to an operating profit of around €31 billion.

Volkswagen plans to invest €135 billion over the planning period from 2027 to 2031.

The Supervisory Board noted that competitive follow-on production cannot currently be guaranteed for the Emden, Zwickau, Hanover, and Neckarsulm plants. The company said it is examining alternative uses for these facilities.