WOLFSBURG, Germany — Volkswagen Group confirmed deeper cost cuts and an accelerated consolidation of its electric-vehicle software platforms on Saturday, following unanimous supervisory board approval of its restructuring plan.

The programme targets the company's passenger-car brands and aims to restore competitiveness against Chinese rivals and Tesla. It builds on earlier restructuring commitments and focuses on three priorities: reducing fixed costs, streamlining overlapping model ranges, and unifying software efforts under a leaner engineering structure.

Chief executive Oliver Blume and other executives have emphasised the need for lower labour and development costs to fund the transition to electric vehicles. The plan seeks to reorganise Cariad, Volkswagen's software unit, which has faced significant delays.

Unions at the Wolfsburg-based group have closely monitored the process given its implications for German plants and employment. IG Metall representatives sit on the supervisory board and have pressed to limit forced redundancies.

Analysts at Bernstein and UBS say Volkswagen's margins remain under pressure from softening European demand and intense price competition in China. The group's ability to execute the plan without prolonged labour disputes will shape investor confidence heading into 2027.