Tens of thousands of German auto workers joined IG Metall protests at more than 280 locations against job cuts and plant closures as Volkswagen Group cut its fiscal 2026 operating-margin guidance for the second time in two months, from 4.0%-5.5% to no more than 1%. Volkswagen cited an approximately €6 billion goodwill impairment tied to Porsche, roughly €10 billion in total special items and expectations of further deterioration in China; its shares fell 5.6%, while Porsche and Porsche SE declined 3.3% and 4.9%, respectively. The company also approved 4,100 additional Porsche job cuts, bringing announced Porsche reductions over two years to roughly 13,000, while a broader Volkswagen restructuring could affect another 50,000 positions. The pressure reflects weaker Chinese demand, lower-cost Chinese competition, the transition to electric vehicles, high German production costs, U.S. tariffs and restructuring expenses. IG Metall is seeking investment in German production, preservation of the 35-hour workweek, lower electricity prices and reduced bureaucracy, while Volkswagen plans more than 30 new Chinese-market models by the end of 2027 and more than 50 by the end of 2030.