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Volvo Cars launches Sh250.8 billion cost-cutting plan

US President Donald Trump speaks during the National Prayer Breakfast at the US Capitol in Washington, DC, on February 6, 2025. (Photo by Mandel NGAN / AFP)

Sweden's Volvo Cars announced Tuesday a plan to cut costs by 18 billion kronor ($1.9 billion), including through job cuts, as its profits fall and the auto sector navigates US tariffs.

The carmaker, owned by Chinese group Geely, posted a net profit of one billion kronor for the first three months of 2025, down 73 percent from the same period last year.

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