Volvo Cars

This article is about the passenger car manufacturer. For the separate Swedish manufacturer of heavy trucks, buses, and construction equipment (among others), see Volvo. For other uses of "Volvo", see Volvo (disambiguation).

Volvo Car AB
Native name
Volvo Personvagnar AB
Company typePublic
Nasdaq Stockholm: VOLCAR B
IndustryAutomotive
Founded1927; 97 years ago (1927)
HeadquartersGothenburg, Sweden
Area served
Worldwide
Key people
ProductsLuxury cars
Production output
Increase 709,000 vehicles (2023)
RevenueIncrease 399.343 billion kr (2023)
Decrease 19.939 billion kr (2023)
Decrease 14.066 billion kr (2023)
Total assetsIncrease 356.362 billion kr (2023)
Total equityIncrease 130.485 billion kr (2023)
Number of employees
Decrease 45,000 (2023)
ParentGeely Holding (78.7%)
Subsidiaries
  • HaleyTek (60%)
  • NOVO Energy (50%)
  • Polestar (18%)
  • Zenseact
Websitevolvocars.com
Footnotes / references
[1]

Volvo Car AB,[2] trading as Volvo Cars (Swedish: Volvo personvagnar, styled VOLVO in the company's logo) is a Swedish multinational manufacturer of luxury vehicles. Volvo is headquartered in Torslanda, Gothenburg. The company manufactures SUVs, station wagons, and sedans. The company's main marketing revolves around 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 for US$6.47 billion.[3] On 28 March 2010, Ford sold Volvo Cars at a loss to Geely Holding for $1.8 billion; the deal closed in August 2010.[4][5] Volvo Cars was publicly listed on the Nasdaq Stockholm stock exchange in 2021, though Geely Holding still retains majority ownership. Volvo Cars and AB Volvo 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, with vehicles sold exclusively online.[6][7] 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.[8] In December 2021, it was revealed the battery R&D center would be located in Gothenburg.[9] In February 2022, Gothenburg was also chosen as the location for the battery gigafactory.[10] 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.[11] In 2023, Volvo removed conventional engines as an option, meaning mild hybrids are the base engine option in the US.[12]

Volvo Cars owns 18% of Polestar[13][14] and 50% of NOVO Energy (electric vehicle batteries), 100% of Zenseact (AD and ADAS software), and 100% of HaleyTek (Android-based infotainment systems).[15] As of 2022, Volvo Cars has production plants in Torslanda in Sweden, Ridgeville, South Carolina in the United States, Ghent in Belgium, and Daqing in China.[16]

  1. ^ "Annual and Sustainability Report 2023" (PDF). Volvo Car AB. pp. 8, 35, 61, 78, 81, 161. Retrieved 5 March 2024.
  2. ^ "Volvo Car AB Stock (VOLCAR B) - Quote Nasdaq Stockholm- MarketScreener". www.marketscreener.com. 22 August 2024. Retrieved 25 August 2024.
  3. ^ "Ford Agrees to Pay $6.47 Billion To Buy Volvo's Auto Business". The Wall Street Journal. Dow Jones & Company Inc. 29 January 1999. Archived from the original on 1 April 2022. Retrieved 13 December 2021.
  4. ^ "For Volvo, a New Life Under Chinese". The Wall Street Journal. Dow Jones & Company Inc. 29 March 2010. Archived from the original on 29 June 2022. Retrieved 13 December 2021.
  5. ^ "Geely Hopes to Boost Volvo Globally". The Wall Street Journal. Dow Jones & Company Inc. 29 March 2010. Archived from the original on 24 May 2022. Retrieved 13 December 2021.
  6. ^ "Volvo Plans to Sell Only Electric Cars by 2030". The New York Times. 2 March 2021. Archived from the original on 28 December 2021. Retrieved 13 December 2021.
  7. ^ "Volvo sera 100% électrique d'ici 2030, exclusivement en vente en ligne". le figaro.
  8. ^ "Volvo Car and Northvolt build giga-factory in Europe". Evertiq. Evertiq New Media AB. 21 June 2021. Archived from the original on 13 December 2021. Retrieved 13 December 2021.
  9. ^ "Volvo And Northvolt Announce Joint Battery R&D And Manufacturing". InsideEVs. Motorsport Network LLC. 11 December 2021. Archived from the original on 13 December 2021. Retrieved 13 December 2021.
  10. ^ "Volvo and Northvolt poach Tesla's head of Gigafactory Berlin to lead new 50 GWh battery factory in Sweden". Electrek. 925 LLC. 4 February 2022. Archived from the original on 4 February 2022. Retrieved 4 February 2022.
  11. ^ "Volvo Cars and Geely Holding create Aurobay for joint powertrain operations". 8 July 2021. Archived from the original on 29 November 2022. Retrieved 17 June 2022.
  12. ^ "Volvo Car USA announces 2023 lineup will be only hybrid or electric, and Google-equipped". www.media.volvocars.com. Retrieved 3 September 2024.
  13. ^ "ANNUAL AND SUSTAINABILITY REPORT 2022" (PDF).
  14. ^ Lindeberg, Rafaela (23 February 2024), "Volvo is ditching most of its stake in struggling Tesla rival Polestar", Fortune website, archived from the original on 23 February 2024, retrieved 17 June 2024, Volvo Car currently holds around 48% in Polestar. The share transfer will have to be approved by Volvo Car shareholders at the company's annual general meeting next month. Geely owns 79.5% in Volvo Car, while Li Shufu holds a roughly 39% stake in Polestar.
  15. ^ "Volvo Cars takes full ownership of HaleyTek". www.media.volvocars.com. Retrieved 4 August 2024.
  16. ^ "Where Are Volvos Made? They Don't All Come from Sweden". Motor Trend. 5 September 2022.