Volvo will cut costs by $214 million as trade war dents profits

Volvo said it plans to cut fixed costs by 2 billion Swedish crowns ($214 million). The company is the latest automaker to warn that pricing pressure and tariffs arising from the China-U.S. trade war were denting profitability. Automakers are under pressure from trade conflicts, big investment needed to develop electric and driverless cars and an overall downturn in the car industry…