Volkswagen (VW) employees carry flags of German trade union IG Metall and a banner which reads "Together shaping the future, In solidarity, Strong" at a rally to protest against restructuring and mass job cut plans at the VW headquarters on July 9, 2026 at the Wolfsburg Volkswagen Plant in Wolfsburg, northern Germany. IG Metall is organising protests by VW workers outside plants across the country on July 9, when the carmaker's bosses will present the restructuring plans to the supervisory board. Europe's largest carmaker has come under intense pressure from US tariffs, slimmer profit margins from electric cars and above all intense competition in China, the world's largest auto market. VW, whose 10 brands range from mass-market Seats to premium Porsches, is already in the process of axing 50,000 jobs in Germany by 2030, including 35,000 at its namesake marque. (Photo by Tobias SCHWARZ / AFP via Getty Images)

Queen Maxima of The Netherlands (L) and Alderman for Social Justice Araya Sumter (R) ride bicycles during a visit at Amsterdam's Zuidoost neighborhood part of the "Debt-Free Neighborhood" initiative, focused on a structural approach to debt and financial problems, on July 9, 2026. (Photo by Freek VAN DEN BERGH / ANP / AFP via Getty Images) / Netherlands OUT

TOPSHOT - A general view taken on July 9, 2026 shows a part of the Wolfsburg Volkswagen (VW) Plant in Wolfsburg, Germany, prior to a planned rally of VW employees called by German trade union IG Metall to protest against restructuring and mass job cut plans at the VW headquarters in Wolfsburg, Germany. IG Metall is organising protests by VW workers outside plants across the country on July 9, when the carmaker's bosses will present the restructuring plans to the supervisory board. Europe's largest carmaker has come under intense pressure from US tariffs, slimmer profit margins from electric cars and above all intense competition in China, the world's largest auto market. VW, whose 10 brands range from mass-market Seats to premium Porsches, is already in the process of axing 50,000 jobs in Germany by 2030, including 35,000 at its namesake marque. (Photo by Tobias SCHWARZ / AFP via Getty Images)

A Volkswagen (VW) employee holds a flag of German trade union IG Metall at a rally to protest against restructuring and mass job cut plans at the VW headquarters on July 9, 2026 at the Wolfsburg Volkswagen Plant in Wolfsburg, northern Germany. IG Metall is organising protests by VW workers outside plants across the country on July 9, when the carmaker's bosses will present the restructuring plans to the supervisory board. Europe's largest carmaker has come under intense pressure from US tariffs, slimmer profit margins from electric cars and above all intense competition in China, the world's largest auto market. VW, whose 10 brands range from mass-market Seats to premium Porsches, is already in the process of axing 50,000 jobs in Germany by 2030, including 35,000 at its namesake marque. (Photo by Lisi Niesner / POOL / AFP via Getty Images)

Volkswagen (VW) employees carry flags of German trade union IG Metall at a rally to protest against restructuring and mass job cut plans at the VW headquarters on July 9, 2026 at the Wolfsburg Volkswagen Plant in Wolfsburg, northern Germany. IG Metall is organising protests by VW workers outside plants across the country on July 9, when the carmaker's bosses will present the restructuring plans to the supervisory board. Europe's largest carmaker has come under intense pressure from US tariffs, slimmer profit margins from electric cars and above all intense competition in China, the world's largest auto market. VW, whose 10 brands range from mass-market Seats to premium Porsches, is already in the process of axing 50,000 jobs in Germany by 2030, including 35,000 at its namesake marque. (Photo by Lisi Niesner / POOL / AFP via Getty Images)

A general view taken on July 9, 2026 shows the car towers at the Wolfsburg Volkswagen (VW) Plant in Wolfsburg, Germany, prior to a planned rally of VW employees called by German trade union IG Metall to protest against restructuring and mass job cut plans at the VW headquarters in Wolfsburg, Germany. IG Metall is organising protests by VW workers outside plants across the country on July 9, when the carmaker's bosses will present the restructuring plans to the supervisory board. Europe's largest carmaker has come under intense pressure from US tariffs, slimmer profit margins from electric cars and above all intense competition in China, the world's largest auto market. VW, whose 10 brands range from mass-market Seats to premium Porsches, is already in the process of axing 50,000 jobs in Germany by 2030, including 35,000 at its namesake marque. (Photo by Tobias SCHWARZ / AFP via Getty Images)

A general view taken on July 9, 2026 shows chimneys and buildings at the Wolfsburg Volkswagen (VW) Plant in Wolfsburg, Germany, prior to a planned rally of VW employees called by German trade union IG Metall to protest against restructuring and mass job cut plans at the VW headquarters in Wolfsburg, Germany. IG Metall is organising protests by VW workers outside plants across the country on July 9, when the carmaker's bosses will present the restructuring plans to the supervisory board. Europe's largest carmaker has come under intense pressure from US tariffs, slimmer profit margins from electric cars and above all intense competition in China, the world's largest auto market. VW, whose 10 brands range from mass-market Seats to premium Porsches, is already in the process of axing 50,000 jobs in Germany by 2030, including 35,000 at its namesake marque. (Photo by Tobias SCHWARZ / AFP via Getty Images)

A general view taken on July 9, 2026 shows chimneys and buildings at the Wolfsburg Volkswagen (VW) Plant in Wolfsburg, Germany, prior to a planned rally of VW employees called by German trade union IG Metall to protest against restructuring and mass job cut plans at the VW headquarters in Wolfsburg, Germany. IG Metall is organising protests by VW workers outside plants across the country on July 9, when the carmaker's bosses will present the restructuring plans to the supervisory board. Europe's largest carmaker has come under intense pressure from US tariffs, slimmer profit margins from electric cars and above all intense competition in China, the world's largest auto market. VW, whose 10 brands range from mass-market Seats to premium Porsches, is already in the process of axing 50,000 jobs in Germany by 2030, including 35,000 at its namesake marque. (Photo by Tobias SCHWARZ / AFP via Getty Images)