FRANKFURT AM MAIN: German car giant Volkswagen said on Thursday it was looking for three billion euros ($3.8 billion) in new savings to help fund its pivot toward electric vehicles, adding that it could not rule out job cuts.

Without more savings, profitability at VW’s historic own-brand cars division “will not be enough to be completely ready for the future,” said Arno Antlitz, chief financial officer at the unit, adding “enormous investments” were needed.