Volkswagen is preparing a sweeping restructuring that could shut down production at multiple German factories, putting about 40,000 jobs at risk, media reported Thursday.

Citing sources on the company’s supervisory board, the weekly Der Spiegel said CEO Oliver Blume intends to end vehicle production at the Zwickau and Emden plants within five years. The commercial vehicle factory in Hannover would follow in 2032, and Audi’s plant in Neckarsulm in 2034, the report said.

The four sites together employ about 40,000 workers, according to the magazine. Blume also aims to eliminate 50,000 jobs across the company by 2030. A supervisory board spokesperson and a labor representative on the board both declined to comment.

The proposals, described by analysts as the most radical overhaul in the history of the world’s second-largest automaker, were set to be discussed at a supervisory board meeting in Wolfsburg on Thursday.

Germany’s powerful IG Metall union swiftly condemned the plans and called for a day of action, with a rally scheduled in Wolfsburg during the board meeting. (Anadolu Agency)