The German automotive giant Volkswagen said on Thursday it would go forward with a significant restructuring, cutting about 50,000 additional jobs in the face of surging Chinese competition, high energy prices and the costly transition to electric vehicles.

The decision was announced after a meeting of Volkswagen’s supervisory board. The company had been in a standoff with unions representing its work force, which numbers more than 650,000 worldwide.

“This is a strong signal for the future of the Volkswagen Group,” Oliver Blume, the company’s chief executive, said in a statement.

The company and union had been at loggerheads over Mr. Blume’s plans to scale back the work force, but labor leaders backed the plan on Thursday.

“In this crisis situation, we fought hard for good solutions,” Christiane Benner, an official with the union IG Metall, said in the statement. “The executive board now has the foundation to tackle the major tasks ahead.”

This is a developing story. Check back for updates.