This picture shows cars made by MG on a dock before being loaded onto a ship for export at the port in Lianyungang, in China's eastern Jiangsu province on April 29, 2026. (Photo by CN-STR / AFP via Getty Images) / China OUT

CEO of Volvo Cars Hakan Samuelsson gives an interview after the presentation of the company's interim results in Gothenburg, Sweden on April 29, 2026. (Photo by Adam IHSE / TT NEWS AGENCY / AFP via Getty Images) / Sweden OUT

CEO of Volvo Cars Hakan Samuelsson gives an interview after the presentation of the company's interim results in Gothenburg, Sweden on April 29, 2026. (Photo by Adam IHSE / TT NEWS AGENCY / AFP via Getty Images) / Sweden OUT

The sun rises behind a building under construction in Offenbach, western Germany, on April 29, 2026. (Photo by Kirill KUDRYAVTSEV / AFP via Getty Images)

A traffic light for cyclists is pictured in front of a giant logo of German automotive brand Mercedes-Benz is seen atop a Mercedes dealership in Offenbach, western Germany, on April 29, 2026. German premium automaker Mercedes-Benz said on April 29 its first-quarter profit fell by almost a fifth as cutthroat competition in China shakes the world's carmakers. (Photo by Kirill KUDRYAVTSEV / AFP via Getty Images)

A traffic light for cyclists is pictured in front of a giant logo of German automotive brand Mercedes-Benz is seen atop a Mercedes dealership in Offenbach, western Germany, on April 29, 2026. German premium automaker Mercedes-Benz said on April 29 its first-quarter profit fell by almost a fifth as cutthroat competition in China shakes the world's carmakers. (Photo by Kirill KUDRYAVTSEV / AFP via Getty Images)

A giant logo of German automotive brand Mercedes-Benz is seen atop a Mercedes dealership in Offenbach, western Germany, on April 29, 2026. German premium automaker Mercedes-Benz said on April 29 its first-quarter profit fell by almost a fifth as cutthroat competition in China shakes the world's carmakers. (Photo by Kirill KUDRYAVTSEV / AFP via Getty Images)

A giant logo of German automotive brand Mercedes-Benz is seen atop a Mercedes dealership in Offenbach, western Germany, on April 29, 2026. German premium automaker Mercedes-Benz said on April 29 its first-quarter profit fell by almost a fifth as cutthroat competition in China shakes the world's carmakers. (Photo by Kirill KUDRYAVTSEV / AFP via Getty Images)