Volkswagen CEO Oliver Blume said the carmaker could need to cut around 50,000 more jobs worldwide under a theoretical scenario in which labour costs remain unchanged, as Europe's largest automaker seeks to narrow its cost gap with rivals, according to German newspaper Handelsblatt on Monday.

"A theoretical calculation, assuming no change in labour costs, would result in around 50,000 job cuts worldwide," Handelsblatt quoted Blume as saying. He stressed that the figure was based on cost comparisons rather than a final decision, adding that the company was assessing all brands, subsidiaries and regions to determine what adjustments were necessary and feasible.

Volkswagen has been under pressure from weak demand in Europe, rising tariff-related costs and the costly transition to electric vehicles, all of which have weighed on earnings. Blume said the company's administrative and infrastructure costs remained about 20 percent higher than those of comparable rivals.

The comments came after Blume presented restructuring proposals to Volkswagen's supervisory board last week. Sources familiar with the matter said labour representatives blocked the plans, which reportedly included further job cuts and the possible closure of four German factories.