Trading tariffs have limited Volvo’s plan to export cars to China and as a result, sales have decreased dramatically, affecting the firm’s financial performance. As a way to cut costs, Hakan Samuelsson, CEO of Volvo, said that year-end financial bonuses will not be distributed. This change will affect 43,000 employees. China is also experiencing their first decline in the auto sales industry and according to Samuelson, perhaps the entire car industry will need to refocus their attention towards cost reduction and savings.
See "Volvo Withholds Staff Bonuses as Car-Industry Woes Deepen", Niclas Rolander, Bloomberg Law, February 7, 2019