Volkswagen aims to cut costs by 20% by 2028 as it restructures to face rising competition from China.
Plant closures remain a possible option under the plan presented by chief executive Oliver Blume and finance chief Arno Antlitz.
High production costs, weaker sales and the growth of Chinese brands in Europe are driving the overhaul.
Automation is also forcing change across Germany’s car industry.
The group had already announced 35,000 job cuts by 2030 to save €10bn.
It says earlier measures have produced savings in the double-digit billions and helped absorb geopolitical pressures such as US tariffs.
New data showing a wider EU trade deficit with China highlights the challenge for German manufacturers, which remain deeply linked to the Chinese market.
