Volvo cars hit the market in 1927. The first model Jakob with OV4 was an open tourer with a 4-cylinder engine. It soon became a hit name in the Sweden car industry. While we are on the topic, we would like to mention and unveil the mystery of who owns Volvo. Many of you have heard about Volvo Penta but do you know the answer to who owns Volvo Penta?
1. What is Volvo Group?
The Volvo Group is a Swedish multinational manufacturing corporation, legally known as Aktiebolaget Volvo and abbreviated as AB Volvo. Its operations include the production, distribution, and sale of buses, trucks, and construction equipment, along with marine and industrial drive systems. Financial services are also provided by the group. (See Where are Volvos Made?)
2. Who is the Founder of Volvo? Where is Volvo Headquarters?
The concept of safety gave birth to Volvo cars in 1927. Founders Gustav Larson and Assar Gabrielsson mentioned cars are driven by people. Safety is the guiding principle behind everything made by Volvo. Trademark Volvo is a Latin word for I roll.
With headquarters in Torslanda, and Gothenburg in Sweden, this automobile manufacturing branch was also a part of the Volvo Group until 1999. Volvo manufactures luxury vehicles, SUVs, sedans, and station wagons. This sums up the answer to where is Volvo headquarters. Continue reading to know whether does Ford own Volvo or not.
3. Who Owns Volvo?
Initially, Volvo was made as a subsidiary of SKF, a Sweden-based bearing and seal manufacturing company. This car manufacturing company is owned by Geely Automobile which is a major and reputed Chinese brand. Then Assar Gabrielsson was appointed as the managing director and the technical manager was Gustav Larson. Its trademark was also registered with SKF, now known as AB SKF. (See Who Owns Bugatti?)
4. Does Ford Own Volvo? Who Owns Volvo now?
No. Volvo Car Company merged with Renault in 1993, which abruptly failed. In 1999, AB Volvo sold its automobile division, Volvo Car Company, to Ford Motor Company. After the deal, components and engineering resources of Volvo cars were used by Ford, Aston Martin, and Land Rover products.
After a decade, Ford Motor Company also sold Volvo Car Corporation to Geely Automobile of China in 2010. Currently, Zhejiang Geely Holding Group owns the car line and has invested about 8.2% stake in the truck lineup also.
5. Who does Volvo Own? Does China Still Own Volvo?
Yes, after purchasing the car wing in 2010, Volvo is still owned by the Chinese company Zhejiang Geely Holding Group. Volvo bought Renault Vehicles industries in 2001 and renamed it Renault trucks. Then in 2006, Volvo bought shares in UD Trucks from Nissan Motor Company. But in 2007, Volvo took full control of UD Trucks, aiming to extend its presence in the Asian Pacific Market. Other than this, Volvo Group owns Volvo Penta, Provost, Nova bus, Rokbak, Mack, and Arqus. Read Who Owns Hyundai?
6. Who is Volvo CEO?
After learning who owns Volvo, get to know more about the present CEO. On 21 March 2022, Jim Rowan joined Volvo cars as the president and Chief Executive Officer (CEO) of Volvo Cars. He succeeded previous CEO Håkan Samuelsson who held the role from October 2012. The new CEO of Volvo cars has a strong background in digital transformation, software, and innovative consumer products.
Jim Rowan has global experience of 3 years in the consumer and technology sectors. Volvo CEO is known to deliver strong growth and profitability through transformation strategies and consumer engagement. He was a senior advisor to KKR a global investment fund, along with a member of the shareholding committee of Henkel AG which is a German-based technology and consumer products company operating worldwide. (Also See Who Owns Subaru?)
7. Who Owns Volvo Penta?
It is a Sweden-based industrial and marine engine manufacturing company that is now a joint stock company within the Volvo Group, initially, was Penta when founded in 1907 with the production of B1, its first marine engine.
In 1935, Volvo Group acquired Penta and since then it has been known as Volvo Penta. It manufactures internal combustion engines (ICE) and complete power systems for the marine industry, power-generating equipment, and similar industrial applications. Must see Who Owns Buick?
8. Who Makes Volvo Penta?
You might be surprised to know that Volvo Penta is actually a joint stock company within the Volvo Group. With their own manufacturing plants in Vara, Sweden, 3-, 4-, and 5-liter diesel engines are manufactured. Common engine plant in Skovde, Sweden manufactures the majority of diesel engines for Volvo Penta. All gasoline engines are manufactured in Lexington in Texas, United States of America.
9. How Reliable are Volvo Cars?
Volvo car has a long history of designing reliable cars. Their cars are regarded as progressive, and safety-focused. The annual Consumer Reports Auto Reliability study is used to judge the reliability of car models. Owners of cars with 3 years of driving experience in that model are preferred for this study. In 2020, Volvo was ranked 16 with a higher score of 93.8% and this indicates that these cars need few repairs over the year. Another reason is that they are reliable and consistent in design with improvements as and when required.
10. Are Volvo Cars Good?
Yes. With safety as their first priority, Volvo is considered good by drivers around the world. Fewer visits to repair shops make it a favorite for their owners. Also, its 3-point seat belt and side impact protection system along with newly added features like roll-over protection and a blind spot information system, make it one of the safest cars available. Other than minute issues with glitches in satellite navigation systems or computer software, these are commonly noticed and are easily fixed. (Also read What is Aston Martin History?)