Earlier reports pointed to major reductions at the Volkswagen Group, and the company has now started to outline the specifics.

In a Friday statement, the German automaker explained that its executive board shared a 12-point plan with the supervisory board aimed at strengthening the firm, though few specifics were provided.

A late June report suggested CEO Oliver Blume wanted to shut four German plants and cut up to 100,000 positions. Today's comments only alluded to those ideas.

Any such moves remain under review by the supervisory board, which includes employee representatives under German rules.

The company confirmed plans to lower annual production capacity to nine million vehicles from the present 10 million. This marks a notable reduction from the 12 million target set before the pandemic.

Most cuts will occur in China and Germany, aligning with earlier reports and ongoing adjustments in the Chinese operations.

Immediate steps include gradually cutting the model range by half and lowering variant complexity by 75 percent, covering trim levels, packages, and powertrain choices.

Volkswagen gave no details on specific models to be dropped, noting only a focus on the strongest market segments.

Like Toyota, the group serves key regions with both local and global vehicles. In China, three joint ventures with SAIC, FAW, and JAC each offer distinct models.

In the small to mid-size sedan category, for instance, it currently lists the Bora, Sagitar, Sagitar S, Lamando, Lavida, and Jetta VA7.

Overlap will also be reduced across platforms, electronic systems, and software, which will be aligned for western and eastern markets.

The company will concentrate on its core automotive activities. It recently raised 7.4 billion euros by selling a majority stake in Everllence, formerly MAN Energy Solutions, which builds large marine and stationary diesel engines plus turbines and compressors.

Rumors persist about plans to sell Lamborghini and Ducati, both under Audi.

Chief financial officer Arno Antlitz stated that earlier cost-cutting rounds fall short amid current economic and geopolitical conditions. He called for a fundamental realignment of the business model to deliver lasting structural gains and faster technology and decision processes.

Group CEO Oliver Blume said the unnamed plan seeks to position Volkswagen as the world's most attractive automotive company by 2030.