Volkswagen aims to cut costs by 20% by 2028 as it reshapes the business for a tougher market.
Reports say plant closures remain an option.
Chief executive Oliver Blume and finance chief Arno Antlitz outlined the plan to senior managers.
The goal is to secure sustainable profits despite falling sales, high costs and growing pressure from Chinese carmakers.
An earlier restructuring already included 35,000 job cuts by 2030 to save €10bn.
The company says it has achieved savings in the double-digit billion-euro range 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.
Volkswagen declined to comment before its annual results in March.
Further details on where the new savings will come from are still unclear.
