Volkswagen aims to cut costs by 20% by 2028 as part of a new restructuring drive.
Reports say plant closures are possible as the company adapts to tougher global competition.
Chief executive Oliver Blume and finance chief Arno Antlitz presented the plan to senior managers.
The goal is to secure long-term profitability despite falling sales, high costs and the rapid growth of Chinese carmakers in Europe.
An earlier overhaul already included 35,000 job cuts by 2030 and a €10bn savings target.
Volkswagen says the programme has delivered savings in the double-digit billion-euro range.
The pressure comes as the EU trade deficit with China continues to widen and tariffs reshape the electric-vehicle market.
Strong ties between German manufacturers and Chinese production complicate the transition.
Details on where the new savings will be made remain unclear.
