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Concept
Volvo Cars
Summary
Volvo Cars (Volvo personvagnar, styled VOLVO in the company's logo) is a Swedish multinational manufacturer of luxury vehicles headquartered in Torslanda, Gothenburg. The company manufactures SUVs, station wagons, and sedans. The company's main marketing arguments are safety and its Swedish heritage and design.
Volvo Cars has been separate from its former parent conglomerate and producer of heavy trucks, buses, and construction equipment (among others) AB Volvo since 1999 when AB Volvo sold its automobile division Volvo Cars to Ford Motor Company. On 28 March 2010, Ford sold loss-making Volvo Cars to Geely for $1.8 billion; the deal closed in August 2010. Volvo Cars was publicly listed on the Nasdaq Stockholm stock exchange in 2021, though Geely still retains majority ownership. Volvo Cars and AB Volvo both share the Volvo logo, and cooperate in running the Volvo Museum.
In March 2021, Volvo Cars announced that it would be a fully electric brand by 2030. In June 2021, Volvo Cars and Swedish battery developer and manufacturer Northvolt announced the intention to establish a 50/50 joint venture consisting of a battery gigafactory and R&D (research and development) center. In December 2021, it was revealed the battery R&D center would be located in Gothenburg. In February 2022, Gothenburg was also chosen as the location for the battery gigafactory.
During 2021 and 2022, Volvo Cars transferred its hybrid engine research and production capabilities in Skövde and Zhangjiakou to Aurobay, in a joint venture with Geely.
Volvo Cars owns 49.5% of Polestar and 30% of Lynk & Co.
Volvo was founded upon the concept of safety in 1927, in Gothenburg, Sweden:
Cars are driven by people. The guiding principle behind everything we make at Volvo, therefore, is and must remain, safety.
The company was created as a subsidiary to SKF. Assar Gabrielsson was appointed managing director and Gustav Larson technical manager.
Official source
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