Transportation
Volvo Car Eyes $1.87 Billion in Cost Cuts to Protect Profits
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Volvo Car AB is cutting 18 billion Swedish kronor ($1.87 billion) in costs to counter tepid demand and trade tensions weighing on the auto industry.
The measures will lead to job reductions, the manufacturer said Tuesday. Volvo also withdrew its financial guidance for this year and next due to the uncertainty sparked by President Donald Trump’s tariffs, in a major restructuring under new Chief Executive Officer Hakan Samuelsson.