Volkswagen is preparing a new restructuring drive to cut costs by 20% by 2028.
Plant closures are reportedly being considered as competition from Chinese carmakers intensifies.
Chief executive Oliver Blume and finance chief Arno Antlitz presented the savings plan to senior managers.
The goal is to secure stable profits despite weak sales, high costs and rapid industry automation.
The group had already announced a major overhaul that will cut 35,000 jobs by 2030 and save €10bn.
It says earlier measures have produced savings in the double-digit billion-euro range.
Pressure is rising as the EU’s trade deficit with China grows and Chinese brands expand in Europe.
Volkswagen remains deeply tied to the Chinese market through joint ventures and local production.
Further details on where the new cuts will fall have not yet been confirmed.
