India, Sept. 4 -- German automaker Volkswagen Group has announced plans to cut approximately 50,000 jobs and reduce its vehicle model portfolio by around half as part of its Future Plan 2030, a major turnaround strategy aimed at improving competitiveness amid intensifying global competition and changing market conditions.

The company said the workforce reduction would include management positions and is necessary to align its workforce capacity with economic realities.

"According to the analysis underlying the Future Plan 2030, a Group-wide workforce adjustment of approximately 50,000 positions - including management roles - will be necessary," it added.

As part of the restructuring, Volkswagen plans to streamline its model portfolio b...