Stockholm — Volvo plans to cut fixed costs by 2-billion Swedish krona ($214m), it said on Thursday, becoming the latest carmaker to warn that pricing pressure and tariffs arising from the China-US trade war were denting profitability.

Carmakers are under pressure from trade conflicts, hefty investments to develop electric and driverless cars and an overall downturn in the car industry, with warnings seen from Daimler and BMW.

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