Volkswagen aims to cut costs by 20% by 2028 in a major restructuring drive.
Plant closures are reportedly under consideration as the company seeks stable profits.
Chief executive Oliver Blume and finance chief Arno Antlitz presented the plan to senior managers.
The overhaul responds to weak sales, high costs and rising competition from Chinese carmakers in Europe.
An earlier programme already included 35,000 job cuts by 2030 to save €10bn.
Volkswagen says it has achieved savings worth tens of billions of euros so far.
New data shows the EU trade deficit with China rose to €359.3bn in 2025.
German manufacturers remain deeply tied to the Chinese market through joint ventures.
Further details on where the new savings will come from have not yet been announced.
