The company launched a plan that aims to deliver 18 billion Swedish kronor in cost and cash savings to protect profitability.

Under pressure from U.S. President Donald Trump's tariffs, Volvo Cars' new CEO Hakan Samuelsson is juggling the task of working with Chinese majority owner Geely [RIC:RIC:GEELY.UL] to cut costs with attempting to keep selling cars to U.

Volvo Group said its so-called “cost and cash action plan” would include reductions in investments and redundancies at its operations across the globe.