Volkswagen aims to cut costs by 20% by 2028 as it restructures for a tougher market.
Plant closures remain possible under the plan presented by chief executive Oliver Blume and finance chief Arno Antlitz.
Weak sales, high costs, automation and the rapid growth of Chinese carmakers in Europe are driving the overhaul.
The group had already announced 35,000 job cuts by 2030 to save €10bn.
The company said earlier measures produced savings in the double-digit billions and helped absorb geopolitical pressures such as US tariffs.
New data showing a widening EU trade deficit with China has increased the urgency for change.
Volkswagen remains deeply tied to China through joint ventures and local production.
Details on where further savings will be made are still unclear.
