Volkswagen AG Chief Executive Officer Oliver Blume outlined a plan to eliminate as many as 50,000 more jobs globally as he attempts a far-reaching overhaul to reduce costs at Europe's biggest carmaker.

The Volkswagen AG chief detailed the potential workforce reduction as part of a broader restructuring effort aimed at improving profitability and competitiveness in a challenging automotive market. The job cuts would come on top of previous reductions and reflect the pressure on traditional automakers to adapt to electric vehicle transitions and economic headwinds.

Blume emphasized that the savings targets are essential for the company's future viability, though the plan will likely face scrutiny from labor representatives and government stakeholders given Volkswagen's significant employment footprint in Germany and beyond.