|Type||Publicly traded Aktiebolag|
|Nasdaq Stockholm: VOLV B|
|Founders||Assar Gabrielsson and Gustav Larson|
| Carl-Henric Svanberg (Chairman)|
Martin Lundstedt (President and CEO)
|Products||Trucks, buses, construction equipment, marine and industrial engines, financial services, product related services|
|Brands||Terex Trucks, Renault Trucks, Prevost, Cellcentric, Dongfeng Trucks, Eicher, SDLG, Arquus, Nova Bus, Mack.|
|Revenue||338.446 billion kr (2020)|
|27.484 billion kr (2020)|
|20.074 billion kr (2020)|
|Total assets||510.821 billion kr (2020)|
|Total equity||148.142 billion kr (2020)|
Number of employees
|Subsidiaries|| Volvo Cars (1927–1999)|
Volvo Construction Equipment
Volvo Financial Services
The Volvo Group (Swedish : Volvokoncernen; legally Aktiebolaget Volvo, shortened to AB Volvo, stylized as VOLVO) is a Swedish multinational manufacturing company headquartered in Gothenburg. While its core activity is the production, distribution and sale of trucks, buses and construction equipment, Volvo also supplies marine and industrial drive systems and financial services. In 2016, it was the world's second largest manufacturer of heavy-duty trucks.
Automobile manufacturer Volvo Cars, also based in Gothenburg, was part of AB Volvo until 1999, when it was sold to the Ford Motor Company. Since 2010 Volvo Cars has been owned by the Chinese multinational automotive company Geely Holding Group. Both AB Volvo and Volvo Cars share the Volvo logo and cooperate in running the Volvo Museum in Sweden.
The company was first listed on the Stockholm Stock Exchange in 1935, and was on the NASDAQ indices from 1985 to 2007.
Volvo was established in 1915 as a subsidiary of SKF, a ball bearing manufacturer; however both the Volvo Group and Volvo Cars regard the rollout of the company's first car series, the Volvo ÖV 4, on 14 April 1927, as their beginning.The building remains ( ).
The brand name Volvo was originally registered as a trademark in May 1911 with the intention to be used for a new series of SKF ball bearings. It means "I roll" in Latin, conjugated from "volvere". The idea was short-lived, and SKF decided to simply use its initials as the trademark for all its bearing products.
In 1924, Assar Gabrielsson, an SKF sales manager, and Gustav Larson,a KTH educated engineer, decided to start construction of a Swedish car. They intended to build cars that could withstand the rigors of the country's rough roads and cold temperatures.
AB Volvo began activities on 10 August 1926. After one year of preparations involving the production of ten prototypes, the firm was ready to commence the car-manufacturing business within the SKF group. The Volvo Group itself considers it started in 1927, when the first car, a Volvo ÖV 4, rolled off the production line at the factory in Hisingen, Gothenburg.Only 280 cars were built that year. The first truck, the "Series 1", debuted in January 1928, as an immediate success and attracted attention outside the country. In 1930, Volvo sold 639 cars, and the export of trucks to Europe started soon after; the cars did not become well known outside Sweden until after World War II. AB Volvo was introduced at the Stockholm Stock Exchange in 1935 and SKF then decided to sell its shares in the company. By 1942, Volvo acquired the Swedish precision engineering company Svenska Flygmotor (later renamed as Volvo Aero).
Pentaverken, which had manufactured engines for Volvo, was acquired in 1935, providing a secure supply of engines and entry into the marine engine market.
The first bus, named B1, was launched in 1934, and aircraft engines were added to the growing range of products at the beginning of the 1940s. In 1963, Volvo opened the Volvo Halifax Assembly plant, the first assembly plant in the company's history outside of Sweden in Halifax, Nova Scotia, Canada.
In 1950, Volvo acquired the Swedish construction and agricultural equipment manufacturer Bolinder-Munktell.Bolinder-Munktell was renamed as Volvo BM in 1973. In 1979, Volvo BM's agricultural equipment business was sold to Valmet. Later, through restructuring and acquisitions, the remaining construction equipment business became Volvo Construction Equipment.
In 1977, Volvo tried to combine operations with rival Swedish automotive group Saab-Scania, but the latter company rejected it.In the 1970s, French manufacturer Renault and Volvo started to collaborate. In 1978, Volvo Car Corporation was spun off as a separate company within the Volvo group and Renault acquired a minority stake, before selling it back in the 1980s after a restructuring. In the 1990s, Renault and Volvo deepened their collaboration and both companies partnered in purchasing, research and development and quality control while increasing their cross-ownership. Renault would assist Volvo with entry-level and medium segment vehicles and in return Volvo would share technology with Renault in upper segments. In 1993, a 1994 Volvo-Renault merger deal was announced. The deal was barely accepted in France, but it was opposed in Sweden, and the Volvo shareholders and company board voted against it. The alliance was officially dissolved in February 1994 and Volvo sold off its minority Renault stake in 1997.
In 1991, the Volvo Group participated in a joint venture with Japanese automaker Mitsubishi Motors at the former DAF plant in Born, Netherlands. The operation, branded NedCar, began producing the first generation Mitsubishi Carisma alongside the Volvo S40/V40 in 1996.During the 1990s, Volvo also partnered with the American manufacturer General Motors. In 1999, the European Union blocked a merger with Scania AB.
In January 1999, Volvo Group sold Volvo Car Corporation to Ford Motor Company for $6.45 billion. The division was placed within Ford's Premier Automotive Group alongside Jaguar, Land Rover and Aston Martin. Volvo engineering resources and components would be used in various Ford, Land Rover and Aston Martin products, with the second generation Land Rover Freelander designed on the same platform as the second generation Volvo S80. The Volvo T5 petrol engine was used in the Ford Focus ST and RS performance models, and Volvo's satellite navigation system was used on certain Aston Martin Vanquish, DB9 and V8 Vantage models. In November 1999, Volvo Group purchased a 5% stake in Mitsubishi Motors, as part of a partnership deal for the truck and bus business. In 2001, after DaimlerChrysler bought a large Mitsubishi Motors stake, Volvo sold its shares to the former.
Renault Véhicules Industriels (which included Mack Trucks, but not Renault's stake in Irisbus) was sold to Volvo during January 2001, and Volvo renamed it Renault Trucks in 2002. Renault became AB Volvo's biggest shareholder with a 19.9% stake (in shares and voting rights) as part of the deal.Renault increased its shareholding to 21.7% by 2010.
AB Volvo acquired 13% of the shares in the Japanese truck manufacturer Nissan Diesel (later renamed UD Trucks) from Nissan (part of the Renault-Nissan Alliance) during 2006, becoming a major shareholder. Volvo Group took complete ownership of Nissan Diesel in 2007 to extend its presence in the Asian Pacific market.
Renault sold 14.9% of their stake in AB Volvo in October 2010 (comprising 14.9% of the share capital and 3.8% of the voting rights) for €3.02 billion. This share sale left Renault with around 17.5% of Volvo's voting rights.Renault sold their remaining shares in December 2012 (comprising 6.5% of the share capital and 17.2% of the voting rights at the time of transaction) for €1.6 billion, leaving Swedish industrial investment group Aktiebolaget Industrivärden as the largest shareholder, with 6.2% of the share capital and 18.7% of the voting rights. That same year, Volvo sold Volvo Aero to the British company GKN. In 2017 Volvo Cars owner Geely became the largest Volvo shareholder by number of shares after acquiring an 8.2% stake, displacing Industrivärden. Industrivärden kept more voting rights than Geely (Geely getting a 15.8%).
In December 2013, Volvo sold its Volvo Construction Equipment Rents division to Platinum Equity.In 2014, Volvo's Volvo Construction Equipment acquired the haul truck manufacturing division of Terex Corporation, which included five truck models and a manufacturing facility in Motherwell, Scotland. In November 2016, Volvo announced its intention of divesting its Government Sales division, made up mainly of Renault Trucks' Renault Trucks Defense but also of Panhard, ACMAT, Mack Defense in the United States, and Volvo Defense. The project for selling the division was later abandoned and, in May 2018, Volvo reorganized Renault Trucks Defense and renamed it Arquus.
In December 2018, Volvo announced it intended to sell a 75.1% controlling stake of its car telematics subsidiary WirelessCar to Volkswagen with the aim of focusing on telematics for commercial vehicles.The sale was completed in March 2019.
In December 2019, Volvo and Isuzu announced their intention of forming a strategic alliance on commercial vehicles. As part of the agreement, Volvo would sell UD Trucks to Isuzu.The "final agreements" for the alliance were signed in October 2020, with UD Trucks sale pending on regulatory clearances. The sale was completed in April 2021.
In April 2020, Volvo and Daimler announced that the former planned to acquire half of Daimler's fuel cell business, forming a joint venture between the two companies.
In June 2021, Volvo announced that it had signed up a new partnership with steel manufacturer SSAB to develop fossil fuel-free steel for future use in Volvo's cars.The partnership comes is derived from SSAB's own green steel venture, HYBRIT.
Volvo Group's operations include:
Volvo Trademark Holding AB is equally owned by AB Volvo and Volvo Car Corporation.
The main activity of the company is to own, maintain, protect and preserve the Volvo trademarks (including Volvo, the Volvo device marks (grille slash & iron mark) Volvo Aero and Volvo Penta ) on behalf of its owners and to license these rights to its owners. The day-to-day work is focused upon maintaining the global portfolio of trademark registrations and to extend sufficiently the scope of the registered protection for the Volvo trademarks.
The main business is also to act against unauthorised registration and use (including counterfeiting) of trademarks identical or similar to the Volvo trademarks on a global basis.
Volvo has a strategic collaboration within research and recruitment with a number of selected colleges and universities such as Penn State University, INSA Lyon, EMLYON Business School, NC State University, Sophia University, Chalmers University of Technology, The Gothenburg School of Business, Economics and Law at the University of Gothenburg, Mälardalen University College, and the University of Skövde.
The Nissan Motor Company, Ltd. is a Japanese multinational automobile manufacturer headquartered in Nishi-ku, Yokohama, Japan. The company sells its vehicles under the Nissan, Infiniti, and Datsun brands. The company traces its name to the Nissan zaibatsu, now called Nissan Group.
Daimler AG is a German multinational automotive corporation headquartered in Stuttgart, Baden-Württemberg, Germany. It is one of the world's leading car and truck manufacturers. Daimler-Benz was formed with the merger of Benz & Cie. and Daimler Motoren Gesellschaft in 1926. The company was renamed DaimlerChrysler upon acquiring the American automobile manufacturer Chrysler Corporation in 1998, and was again renamed Daimler AG upon divestment of Chrysler to Cerberus Capital Management in 2007. In 2021, Daimler AG is the second-largest German automaker and the sixth-largest worldwide by production.
AB SKF is a Swedish bearing and seal manufacturing company founded in Gothenburg, Sweden, in 1907. The company manufactures and supplies bearings, seals, lubrication and lubrication systems, maintenance products, mechatronics products, power transmission products, condition monitoring systems and related services globally.
Groupe Renault is a French multinational automobile manufacturer established in 1899. The company produces a range of cars and vans, and in the past has manufactured trucks, tractors, tanks, buses/coaches, aircraft and aircraft engines, and autorail vehicles.
The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the world's largest industries by revenue. The automotive industry does not include industries dedicated to the maintenance of automobiles following delivery to the end-user, such as automobile repair shops and motor fuel filling stations.
Mitsubishi Motors Corporation is a Japanese multinational automotive manufacturer headquartered in Minato, Tokyo, Japan. In 2011, Mitsubishi Motors was the sixth-largest Japanese automaker and the 19th-largest worldwide by production. Since October 2016, Mitsubishi has been one-third (34%) owned by Nissan, thus a part of the Renault–Nissan–Mitsubishi Alliance.
The Mitsubishi Fuso Truck and Bus Corporation is a manufacturer of trucks and buses. It is headquartered in Kawasaki, Kanagawa, Japan. Currently, it is 89.29 %-owned by Germany-based Daimler AG, under the Daimler Trucks division.
Volvo Cars, stylized as VOLVO, is a Swedish luxury automobile marque. It is headquartered in Torslanda in Gothenburg, Sweden.
Renault Trucks is a French commercial truck manufacturer with corporate headquarters at Saint-Priest near Lyon. Originally part of Renault, it has been a subsidiary of the Volvo Group since 2001.
Leif Johansson is a Swedish businessman. He was President and CEO of the Volvo Group from 1997 to 2011 and Chairman of Ericsson from 2011 until 2017 and is currently Chairman of AstraZeneca plc. In 2012, the Fokus Magazine ranked him as Sweden's 6th most powerful person.
Louis Schweitzer is a Swiss businessman who is a former chairman of the board of Groupe Renault, first taking the post on 27 May 1992, succeeding Raymond Lévy: he was also CEO from 1992 to 2005. He was in addition Chairman of AstraZeneca until 8 June 2012 where he was appointed as a Director on 11 March 2004. He is a non-executive director of BNP Paribas, Electricité de France, Veolia Environnement, Volvo AB and L'Oréal, and Vice-Chairman of the Supervisory Board of Philips Electronics NV
Mahindra & Mahindra Limited is an Indian multinational automotive manufacturing corporation headquartered in Mumbai, Maharashtra, India. It was established in 1945 as Muhammad & Mahindra and later renamed as Mahindra and Mahindra. It is one of the largest vehicle manufacturers by production in India and the largest manufacturer of tractors in the world. It is a part of the Mahindra Group, an Indian conglomerate. It was ranked 17th on a list of top companies in India by Fortune India 500 in 2018. Its major competitors in the Indian market include Maruti Suzuki and Tata Motors.
Assar Thorvald Nathanael Gabrielsson was a Swedish industrialist and co-founder of Volvo.
Erik Gustaf Larson was a Swedish automotive engineer and the co-founder of Volvo. He held a Master of Science degree in Mechanical Engineering from the Royal Institute of Technology in Stockholm.
A substantial car industry was created in Australia in the 20th century through the opening of Australian plants by international manufacturers. The first major carmaker was Ford Australia and the first Australian-designed mass production car was manufactured by Holden in 1948. Australian manufacture of cars rose to a maximum of almost half a million in the 1970s and still exceeded 400,000 in 2004. Australia was best known for the design and production of 'large' sized passenger vehicles. By 2009 total production had fallen to around 175,000 and the Australian market was dominated by cars imported from Asia and Europe.
Volvo Car Manufacturing Malaysia Sdn. Bhd. (VCMM) is a wholly owned subsidiary of Sweden-based Volvo Car Corporation. The company was established in September 1966 through a joint venture between AB Volvo and the Federal Auto Company Sdn. Bhd..
Samsung Commercial Vehicles was a South Korean trucks and construction equipment manufacturer established by the Samsung Group in 1996 and closed in 2000 as a result of the 1997 Asian financial crisis. The company was formed through a corporate spin-off from Samsung Heavy Industries.
The automotive industry in Sweden is mainly associated with passenger car manufacturers Volvo Cars and Saab Automobile but Sweden is also home of two of the largest truck manufacturers in the world: AB Volvo and Scania AB. The automotive industry is heavily dependent on export as some 85 percent of the passenger cars and 95 percent of the heavy vehicles are sold outside of Sweden. The automotive industry and its sub-contractors is a major part of Swedish industry. In 2011 around 110,000 people were employed and the export income of 150 billion SEK accounted for 12 per cent of Sweden's export income. During 2009 128,738 passenger cars and 27,698 heavy vehicles were built in Sweden. Koenigsegg is also a famous swedish company which makes some of the fastest cars in the world, but also some of the most expensive. They make cars like:Koenigsegg Jesko, Gemera, 1:One, Agera, Regera etc.
Volvo Trucks Corporation, stylized as VOLVO, is a global truck manufacturer based in Gothenburg, Sweden, owned by AB Volvo. In 2016, it was the world’s second largest manufacturer of heavy-duty trucks.
Combined Motor Holdings Limited (CMH) is a South African-based investment holding company engaged primarily in distribution and franchising; motor retailers; car hire and financial and support services sectors in South Africa.
The T5 petrol engine is almost the same as the one borrowed from Volvo by Ford for the Focus ST...
The optional satellite navigation remains a Volvo-sourced system that is absurdly fiddly.
But it's good news for the new 'Freelander 2', based on the S-Max/S80/next-Mondeo platform, powered in the top model by a 229bhp Volvo straight-six