Volvo Group

One of the world's leading manufacturers of trucks, buses, construction equipment and marine and industrial engines.

Categories

Industrial Manufacturing  
Technology  

#432

Rank

$41.09B

MarketCap SE

SE Sweden

Country

Summary

Volvo Group is a leading global manufacturer of trucks, buses, construction equipment, marine and industrial engines, and other products related to transportation and infrastructure. Headquartered in Gothenburg, Sweden, the company has a presence in more than 190 countries worldwide, employing over 100,000 people.

The history of Volvo Group can be traced back to 1927 when two Swedish companies, SKF and Assar Gabrielsson, joined forces to create a new automotive brand. The company's name, Volvo, is derived from the Latin word "volvere," which means "to roll." From its inception, the company's focus was on designing and producing vehicles that were safe, reliable, and efficient.

Over the decades, Volvo Group has grown to become one of the largest and most respected names in the transportation industry. The company has a long-standing commitment to sustainability, with a mission to contribute to the development of a sustainable society through its products and services. This includes a focus on reducing carbon emissions, promoting safety, and supporting social and economic development in the communities where it operates.

Today, Volvo Group is a leading innovator in the transportation industry, with a strong emphasis on technology and digitalization. The company has invested heavily in research and development to create new and innovative products, including electric and autonomous vehicles. With a strong global presence and a commitment to sustainability and innovation, Volvo Group is poised to continue leading the way in the transportation industry for years to come.


History

1927: This year marks the starting point of Volvo cars. From the introduction of our first car up to our most recent models. Ever since its founding, designing cars that put people first. Volvo has developed from a small local industry to one of the leading suppliers of commercial transport and infrastructure solutions providing products such as trucks, buses, construction equipment, and drive systems for marine and industrial applications. 

1928: The first truck, the “Series 1”, debuted in January, as an immediate success and attracted attention outside the country.

1929: A six-cylinder PV651 model had been introduced which was both longer and wider than the Jakob.

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.

1931: Its success helped the company to purchase its engine supplier and buy its first factory and by the end of the year return its first dividend to shareholders.

1935: Pentaverken, who had manufactured engines for Volvo, was acquired, providing a secure supply of engines and entry into the marine engine market.

1939: Volvo developed a means of manufacturing a combustible gas from charcoal in 1939.

1940: The first Volvo models introduced to the American market were sold in the mid-1940s, and immediately they earned a reputation for standing up to the varied climates.

1944: On 1 September, the car that would make Volvo an international car company was unveiled in Stockholm. “The little Volvo”, as it was called, was seen in Sweden as a promise of post-war prosperity and in the course of two weeks, 2,300 people placed orders for the PV 444.

1946: Plans to introduce another model, the PV60, were similarly delayed this year when a sheet metal supplier could not be lined up.

1947: These problems were alleviated, and production began, albeit slowly.

1950: The PV444 and the PV544 would dominate Volvo production through to the mid-’60s and be the first models to gain Volvo a slice of the important US market.

1954: Volvo built a new truck factory in Göteborg, increasing annual production capacity to 15,000 vehicles, and introduced fuel injection systems and turbochargers on its diesel engines.

1955: In August the first PV 444 was unloaded at a port in Long Beach, California.

1956: Another popular model was the Volvo 120 introduced this year and often called the Amazon.

1959: Safety features and accident protection were key factors in this cars design and this was enhanced even further when both the Amazon and PV544 were equipped with three-point safety belts – a world first and an invention pioneered by Volvo’s head of safety engineering, Nils Bohlin. With more than 15,000 employees, Volvo broke ground on a massive new production facility at Torslanda, near Hisingen. Today you know Volvo as a pioneer of vehicle safety, a tradition that began way back in 1959.

1963: Volvo opened the Volvo Halifax Assembly plant, the first assembly plant in the company’s history outside of Sweden in Halifax, Canada.

1964: The Torslanda plant, with an annual production capacity of 200,000 vehicles, opened. The pivot toward being a family-centric car brand began with the launch of the Volvo 140.

1968: As sales jumped by 70 percent in Britain, Volvo established another assembly plant, this one in Malaysia.

1970: The Volvo 240 range replaced the 140 with even higher levels of safety and quality and was joined by the smaller Volvo 340 models from Holland to take Volvo’s sales past the 4 million mark by the end of the 1970s.

1971: Gunnar Engellau retired and was succeeded by Pehr G. Gyllenhammar.

1972: The first of these occurred when the company acquired a 33 percent interest in the Dutch auto manufacturer DAF. The company then forged links with Renault and Peugeot.

1973: While auto sales were hurt severely by the oil crisis of 1973-74, its inflationary effects quickly tied up consumers' funds.

1975: Volvo assumed greater control of DAF's auto business and changed the name of the company to Volvo Car B.V.

1977: Volvo proposed a merger with its Swedish rival SAAB-Scania.

1979: With production at an all-time peak, Volvo turned out its 4 millionth car.

1980: Volvo owed much of its strength to its reputation for quality, its introduction of the first turbocharged auto, the 240, and modifications to the popular 340.

1981: The Dutch government exercised its option to repurchase a majority in Volvo Car B.V., increasing its interest to 70 percent and thereby reducing Volvo's to 30 percent.

1982: The Volvo 700 series of 1982 took Volvo yet another step into the exclusive market for personalised high-quality cars. Furthermore, a top-of-the-line sedan known as the Volvo 760 was introduced and became a symbol of Volvo's quality and safety.

1986: At the height of its appeal in the United States, Volvo sold more than 111,000 cars.

1990: By this year, Sweden's currency had rebounded, causing export sales to slow.

1991: A completely new and different Volvo was launched to the world in June. Volvo concluded a deal with Mitsubishi in which the Japanese manufacturer would take a one-third interest in the Dutch facility, allowing Mitsubishi to manufacture parts for cars it intended to assemble in Europe.

1992: Volvo reported a loss of $469 million.

1993: The proposed merger with Renault fell through in its final stages leaving Volvo as one of the few remaining independent car manufacturers.

1994: By the end of the year Volvo had sold this subsidiary and within a couple of years had sold its pharmaceutical interests, a financial brokerage, and its food and brewing businesses.

1995: The company was selling fewer than 88,000 cars in the United States.

1997: Gyll suddenly stepped down from the CEO position and was replaced by Leif Johansson. Although Volvo had already introduced more stylish sedans and wagons redesigned from the old 850s, it began selling the C70 coupe and convertible. Volvo brought in $95 million with the sale of its 11 percent interest in Renault.

1998: Rumours were circulating of a merger between Volvo and Volkswagen.

1999: The European Union blocked a merger with Scania AB.

2000: Volvo Group sold its car division Volvo Car Corporation to Ford Motor Company for $6.45 billion, it was placed within the Premier Automotive Group alongside Jaguar, Land Rover and Aston Martin.

2006: AB Volvo acquired 13% of the shares in the Japanese truck manufacturer UD Trucks (the former Nissan Diesel) from Nissan Motor Co Ltd (part of the Renault-Nissan Alliance) Becoming a major shareholder.

2010: Renault sold 14.9% of their stake in AB Volvo in October (3.8% of the voting rights) for €3.02bn.

2015: We’re growing fast and have achieved new sales records each year since this one.

2017: Volvo launches new D11 and D13 with Turbo Compounding engines for GHG.

2021: Record-breaking 2021 delivered an all-time high revenue and profitability for the full year.


Mission

At the heart of the Volvo Group's mission lies a steadfast commitment to promoting economic well-being through innovative and sustainable transportation solutions. By harnessing cutting-edge technologies and engineering excellence, the company strives to create products and services that enable businesses and communities to thrive, while minimizing their environmental impact. Whether it's providing safe and reliable commercial vehicles, designing intelligent transportation systems, or pioneering new forms of mobility, the Volvo Group is dedicated to unlocking the full potential of transport as a driver of prosperity and progress for all.


Vision

The Volvo Group has set its sights on an ambitious and far-reaching vision: to become the premier provider of transport solutions worldwide. At the core of this vision is a deep understanding of the importance of transportation to people, businesses, and society at large. By delivering transport solutions that are reliable, sustainable, and innovative, the Volvo Group aims to not only meet the needs of its customers but exceed their expectations at every turn.

To achieve this vision, the company has committed itself to a culture of continuous improvement, investing heavily in research and development, as well as talent acquisition and training. By attracting the brightest minds in engineering, design, and other related fields, the Volvo Group is able to stay at the forefront of transport innovation, pioneering new technologies and systems that push the boundaries of what is possible.


Recognition and Awards
The Volvo Group has been recognized around the world for their innovative products, services, and commitment to sustainability. In 2020, the Volvo Group was named the “Most Sustainable Truck Manufacturer” by the Global Sustainability Index. The award was given in recognition of the Volvo Group’s investments in alternative fuels and electrification, as well as their commitment to reducing their carbon footprint. The 2020 “Corporate Responsibility Award” from the Swedish Ministry of the Environment and The 2020 “Innovation Award” from the European Automotive Industry.

Products and Services

Volvo Group's product line includes trucks, buses, and construction equipment, such as excavators, wheel loaders, and articulated haulers. The company produces a wide range of commercial vehicles, from light-duty to heavy-duty, including the Volvo FL and FM, the Volvo FH and FMX, the Volvo FE, and the Volvo FMX. In addition, Volvo Group also produces specialty vehicles, such as the Volvo XC90 SUV and the Volvo V60 Cross Country. 

The Volvo Group also offers services, such as financing and leasing, to help customers purchase their vehicles. The company also provides financial services, such as insurance, to help customers protect their vehicles. Volvo Group also provides after-sales services, such as maintenance, repairs, and parts replacements, to keep vehicles in good condition. Additionally, Volvo Group offers driver training, support services, and logistics services to help customers make the most of their vehicles.


References
Volvo Group
Industries

Industrial Manufacturing

Technology

Products/ Services
Trucks, buses, construction equipment, marine and industrial engines manufacturer
Number of Employees
20,000 - 50,000
Headquarters
Gothenburg, Vastra Gotaland, Sweden
Established
1927
Company Type
Public Limited Company
Company Registration
SEC CIK number: 0001005639
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
VOLV-B.ST
Social Media

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Sat Mar 02 2024
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