BERLIN — Volkswagen plans to reduce its global vehicle lineup by as much as half as part of a sweeping restructuring aimed at lowering costs and improving competitiveness amid rising pressure from Chinese automakers and global tariffs.

The automaker announced the strategy following a supervisory board meeting Thursday but did not specify which models would be eliminated or whether factories would close. The company also did not disclose how many jobs could be affected.

The move follows reports that the company had been considering major factory closures and significant workforce reductions across Europe. While those actions were not announced Thursday, Volkswagen acknowledged the need to simplify its operations as the global automotive industry shifts toward electric vehicles.

Volkswagen said the restructuring is intended to streamline the company after years of declining profitability and weakening sales. First-quarter profit fell 28% to €1.6 billion, while sales declined 2%.

The automaker has faced increasing competition from Chinese manufacturers such as BYD and Geely, which have gained market share with lower-priced electric vehicles featuring advanced technology. Volkswagen's sales in China, once its largest market, fell 20% during the first quarter following several years of declining demand.

The company's Porsche division has also been affected by the 25% U.S. tariff on imported automobiles, as all Porsche vehicles sold in the United States are assembled in Germany.