A general view taken on July 9, 2026 shows a boat passing on the Mittelland Canal in front 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)

Employees of German carmaker Volkswagen (VW) and IG Metall union members march on the grounds of the Volkswagen headquarters on the day of the supervisory board meeting, in Wolfsburg, Germany, on July 9, 2026. 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 a boat passing on the Mittelland Canal in front 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 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)

A general view taken on July 9, 2026 shows a part of the Wolfsburg Volkswagen (VW) Plant in Wolfsburg, Germany, prior to a 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)

Containers are seen at a port in Nanjing, in China's eastern Jiangsu province on July 8, 2026. (Photo by CN-STR / AFP via Getty Images) / China OUT

Containers are seen at a port in Nanjing, in China's eastern Jiangsu province on July 8, 2026. (Photo by CN-STR / AFP via Getty Images) / China OUT