Raising wages can lead to increased operating costs, which can impact a company's profitability. As Tesla has decided to raise wages for its German workers, this could potentially impact the company's bottom line, especially if wage increases become a trend across other regions.

While Tesla's decision to raise wages could have an impact on its own profitability, it's less clear how this will impact the broader German market, represented by the EWG ETF. The impact will likely depend on whether other companies follow suit in raising wages.