Volkswagen is preparing a sweeping cost-cutting plan to reduce expenses by 20% by 2028 as Europe’s largest automaker battles intensifying competition from Chinese rivals. CEO Oliver Blume and CFO Arno Antlitz recently outlined “massive” savings measures to senior executives, with potential plant closures under consideration. The move builds on an earlier 10 billion euros ($10.4 billion) restructuring program that included plans to cut 35,000 jobs by 2030. Volkswagen says it has already achieved “double-digit billion-euro” savings in recent years. Further details are expected ahead of its annual results on March 10.

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