Volkswagen aims to cut costs by 20% by 2028 as part of a new restructuring drive.
Plant closures are reportedly being considered to secure long-term profitability.
Chief executive Oliver Blume and finance chief Arno Antlitz presented the plan to senior managers.
The overhaul responds to weak sales, high costs, automation and growing pressure from Chinese carmakers.
An earlier programme already included 35,000 job cuts by 2030 and €10bn in savings.
Volkswagen says previous measures have produced double-digit billion-euro reductions and helped absorb geopolitical risks.
The move comes as the EU’s trade deficit with China continues to widen and competition in electric vehicles intensifies.
Details on where the new savings will be made are expected with the company’s March results.
