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Volvo

March 15, 2023

This article is about the Volvo Group (AB Volvo). For the separate manufacturer of passenger automobiles, see Volvo Cars. For other uses, see Volvo (disambiguation).

The Volvo Group (Swedish: Volvokoncernen; legally Aktiebolaget Volvo, shortened to AB Volvo, stylized as VOLVO) is a Swedish multinational manufacturing corporation 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 with its subsidiary Volvo Trucks.[5]

AB Volvo
TypeAktiebolag
Nasdaq Stockholm: VOLV B
ISINSE0000115446[1]
IndustryAutomotive
Founded1927; 96 years ago (1927)
FoundersAssar Gabrielsson and Gustav Larson
HeadquartersGothenburg, Sweden
Area served
Worldwide
Key people
ProductsTrucks, buses, construction equipment, marine and industrial engines, customer financing, insurance and related services, product related services
Brands
Revenue 473.479 billion kr (2022)[3][note 1]
45.712 billion kr (2022)[3]
32.969 billion kr (2022)[3]
Total assets 629.064 billion kr (2022)[3]
Total equity 166.236 billion kr (2022)[3]
Owners
  • AB Industrivärden (8.6%; 27.7% votes)[4]
  • Geely (8.2%; 16.0% votes)[4]
Number of employees
 102,155 (December 2022)[3]
Subsidiaries
Websitewww.volvogroup.com
Footnotes / references
Consolidated (group) financial figures

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 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 corporation was first listed on the Stockholm Stock Exchange in 1935, and was on the NASDAQ indices from 1985 to 2007.[6]

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.[7]

History

Early years and international expansion

 
The first Volvo car, a Volvo ÖV 4, left the assembly line on 14 April 1927.

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.[8]

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.[9]

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.[10] Only 280 cars were built that year.[11] The first truck, the "Series 1", debuted in January 1928, as an immediate success and attracted attention outside the country.[8] In 1930, Volvo sold 639 cars,[11] and the export of trucks to Europe started soon after; the cars did not become well known outside Sweden until after World War II.[11] 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).[8]

Pentaverken, which had manufactured engines for Volvo, was acquired in 1935, providing a secure supply of engines and entry into the marine engine market.[12]

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. Volvo was also responsible for producing the Stridsvagn m/42. 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.[13] Bolinder-Munktell was renamed as Volvo BM in 1973.[14] In 1979, Volvo BM's agricultural equipment business was sold to Valmet.[15] Later, through restructuring and acquisitions, the remaining construction equipment business became Volvo Construction Equipment.[13]

In the 1970s, Volvo started to move away from car manufacturing to concentrate more on heavy commercial vehicles. The car division focused on models aimed at upper middle-class customers to improve its profitability.[16]

Partnerships and merging attempts

In 1977, Volvo tried to combine operations with rival Swedish automotive group Saab-Scania, but the latter company rejected it.[8]

Between 1978[8] and 1981, Volvo acquired Beijerinvest, a trading company involved in the oil, food, and finance businesses. In 1981, those sectors represented about three quarters of the company revenue, while the automotive sector amounted for most of the rest.[16]

In the early 1970s, French manufacturer Renault and Volvo started to collaborate.[17] In 1978, Volvo Car Corporation was spun off as a separate company within the Volvo group[18] and Renault acquired a minority stake,[8] before selling it back in the 1980s after a restructuring.[17] 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.[8][17] The alliance was officially dissolved in February 1994 and Volvo sold off its minority Renault stake in 1997.[8] In the 1990s, Volvo also divested from most of its activities outside vehicles and engines.[8]

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.[19][20] During the 1990s, Volvo also partnered with the American manufacturer General Motors. In 1999, the European Union blocked a merger with Scania AB.[8]

Refocusing on heavy vehicles

 
Volvo excavator on construction site in Tomaszów Mazowiecki, Poland

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.[21][22][23] In November 1999, Volvo Group purchased a 5% stake in Mitsubishi Motors, as part of a partnership deal for the truck and bus business.[24] In 2001, after DaimlerChrysler bought a large Mitsubishi Motors stake,[25] Volvo sold its shares to the former.[26]

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.[27] Renault increased its shareholding to 21.7% by 2010.[28]

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.[9][29]

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.[28] 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.[30][31] That same year, Volvo sold Volvo Aero to the British company GKN.[32] 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%).[33]

In December 2013, Volvo sold its Volvo Construction Equipment Rents division to Platinum Equity.[34] 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.[35] The project for selling the division was later abandoned and, in May 2018, Volvo reorganized Renault Trucks Defense and renamed it Arquus.[36]

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.[37] The sale was completed in March 2019.[38]

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.[39] The "final agreements" for the alliance were signed in October 2020, with UD Trucks sale pending on regulatory clearances.[40] The sale was completed in April 2021.[41]

In the early 2020s, Volvo partnered with other manufacturers to deploy infrastructure for non-hydrocarbon energies. In April 2020, Volvo and Daimler (later Daimler Truck) announced that the former planned to acquire half of Daimler's fuel cell business, forming a joint venture between the two companies.[42] In March 2021, the fuel cell business was reorganised as a joint venture called Cellcentric.[43] In December 2021, Volvo, Daimler Truck, and Traton agreed to the formation of an equally owned joint venture aimed to build an electric vehicle charging network for heavy vehicles in Europe.[44] In December 2022, the joint venture (called Commercial Vehicle Charging Europe) began operations under the trade name Milence.[45]

In April 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 vehicles.[46] The partnership comes is derived from SSAB's own green steel venture, HYBRIT.[47]

Corporate

Business

 
Volvo Museum in Gothenburg

Volvo Group's operations include:

  • Volvo Trucks (midsize-duty trucks for regional transportation and heavy-duty trucks for long-distance transportation, as well as heavy-duty trucks for the construction work segment)
  • Mack Trucks (light-duty trucks for close distribution and heavy-duty trucks for long-distance transportation)
  • Renault Trucks (heavy-duty trucks for regional transportations and heavy-duty trucks for the construction work segment)
  • Arquus (military vehicles)[48]
  • Dongfeng Commercial Vehicles (45%) (trucks)
  • VE Commercial Vehicles Limited Ltd., India (VECV), a joint venture between Volvo Group and Eicher Motors Limited in which Volvo holds 45.6% (trucks and buses)
  • Volvo Construction Equipment (construction equipment)
  • SDLG (70%) (construction equipment)
  • Volvo Group Venture Capital (corporate investment company)
  • Volvo Buses (complete buses and bus chassis for city traffic, line traffic and tourist traffic)
  • Volvo Financial Services (customer financing, inter-group banking, as real estate administration)
  • Volvo Penta (marine engine systems for leisure boats and commercial shipping, diesel engines and drive systems for industrial applications)
  • Volvo Energy (management and support for electric vehicles, batteries and electrification networks)[49]

According to the company, in 2021 almost two thirds (62%) of its revenue came from trucks and services related to them. Second came construction equipment (25%), and the rest was from buses, marine engines, and minor operations, each of them below 5%.[50]

Production facilities

 
Volvo powertrain facilities in Skövde, pictured in 2010

Volvo has various production facilities. As of 2022, it has plants in 19 countries, with 10 other countries having independent assemblers of Volvo products. The company also has product development, distribution, and logistics centers.[51] Its first plant for vehicle assembly, on the Hisingen island, was owned by SKF until it was made part of the Volvo company in 1930.[8] That year, Volvo acquired its supplier of engines in Skövde (Pentavarken).[52] In 1954, Volvo built a new truck assembly plant in Gothenburg and, in 1959–[8] 1964,[53] a car assembly plant in Torslanda.[8] The first truly branched away plant of Volvo was the Floby gearbox plant (100 kilometers to the northeast of Gothenburg), incorporated in 1958. In the 1960s and early 1970s, Volvo and its assembly partners opened plants in Canada, Belgium, Malaysia,[52] and Australia.[54] In the early part of that period Volvo also started to venture into vehicles other than passenger cars and road-going commercial vehicles by acquiring the Eskilstuna plant (Bolinder-Munktell).[52] From the 1970s onwards, Volvo set up various facilities (Bengtsfors, Lindesberg, Vara, Tanumshede, Färgelanda,[52] Borås[55]), most of them within a 150 kilometer radius of Gothenburg,[52] and gradually acquired the Dutch DAF car plants.[8] It also established its first South American plant in Curitiba, Brazil.[56]

From the mid-1970s onwards, Volvo began building assembly plants with smaller assembly lines, more worker-centric and with better use of automation, leaving Fordism. These were Kalmar (car assembly, built in 1974),[53] Tuve (truck assembly, 1982)[53][57] and Uddevalla (car assembly, 1989). Kalmar and Uddevalla were closed down in the early 1990s, following yearly losses.[53] The Tuve plant (called the LB plant) replaced the Gothenburg plant (X plant) for truck assembly through the 1980s, as the former could produce more technologically complex models.[57] In 1982, Volvo gained its first plant in the United States, the New River Valley plant in Dublin, Virginia, after acquiring the assets of the White Motor Corporation.[16] Starting in the late 1980s, Volvo expanded its limited bus production capabilities through acquisitions in various countries (Swedish Saffle Karroseri, Dutch Aabenraa, German Drögmöller Karroserien, Canadian Prévost Car, Finnish Carrus, American Nova Bus, Mexican Mexicana de Autobuses). In the late 1990s, after a short-lived joint venture with Polish manufacturer Jelcz, Volvo built its main bus production hub for Europe in Wroclaw.[56] In the 1990s, Volvo also increased its construction equipment assets by acquiring the Swedish company Åkerman and the construction equipment division of Samsung Heavy Industries.[58] In 1998, the company opened an assembly facility for its three main heavy product lines (trucks, construction equipment, and buses) near Bangalore, India.[56]

Volvo sold all its car manufacturing assets in 1999.[56]

Following the acquisition of Renault Véhicules Industriels[56] and Nissan Diesel[59] in the 2000s, Volvo gained various production facilities in Europe, North America, and Asia.[56][59]

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.[60][61][62]

Volvo production sites as of October 2022
Company Plants
Volvo Trucks
Renault Trucks
Mack Trucks
Volvo Construction Equipment
  • Sweden: Arvika (large wheel loaders), Braås (articulated haulers), Eskilstuna (transaxles), Hallsberg (cabs, tanks)
  • Germany: Konz-Könen (excavators, compact wheel loaders), Hameln (road building machinery)
  • France: Belley (compact excavators)
  • United Kingdom (Terex, Rokbak brand): Motherwell (rigid and articulated haulers)
  • South Korea: Changwon (excavators, demolition equipment, pipelayers)
  • India: Bangalore (excavators, rigid and articulated haulers, wheel loaders, road building machinery, parts)
  • China: Shanghai (excavators)
  • United States: Shippensburg (compact wheel loaders, road building machinery)
  • Brazil: PederneirasC. (articulated haulers, large wheel loaders, soil compactors, crawler excavators)
Volvo Buses
VE Commercial Vehicles
  • India: Pithampur (trucks, engines, transmissions)
Dongfeng Truck
SDLG
  • China: Linyi (compact excavators, large wheel loaders, soil compactors, asphalt pavers)
Volvo Penta
Notes
Companies with a light blue background are minority owned by Volvo.

  • □ Production "suspended".
  • A. It also produces Mack Trucks-badged vehicles.
  • B. It also produces Volvo Trucks and DAF-badged vehicles.
  • C. It also produces SDLG-badged vehicles.
Sources
[51][54][55][56][63][64][65][66][67][68][69][70][71][72][73][74][75][76][77][78][79][80][81][82][83]

Trademark

Volvo Trademark Holding AB is equally owned by AB Volvo and Volvo Car Corporation.[84]

The main activity of the company is to own, maintain, protect and preserve the Volvo trademarks, including Volvo, the Volvo branding symbols (grille slash and iron mark), 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.[85]

Collaboration with universities and colleges

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.[86]

See also

Notes

  1. ^ It includes financial information attributable to both AB Volvo proper and its consolidated and non-consolidated affiliates (such as subsidiaries and joint ventures), collectively known as the Volvo Group.

References

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  83. ^ Wright, Robert (8 April 2022). "Volvo Trucks to take $423mn hit after halting work in Russia". Financial Times. Retrieved 10 October 2022.
  84. ^ . .volvo.com. Archived from the original on 16 March 2012. Retrieved 6 November 2010.
  85. ^ . .volvo.com. Archived from the original on 17 July 2011. Retrieved 6 November 2010.
  86. ^ "Academic Partner Program | Volvo Group". www.volvogroup.com. Retrieved 4 August 2022.

External links

  • Official Volvo Group website
  • Official Volvo website – for Volvo-branded companies.

March 15, 2023
volvo, this, article, about, group, separate, manufacturer, passenger, automobiles, cars, other, uses, disambiguation, group, swedish, koncernen, legally, aktiebolaget, shortened, stylized, volvo, swedish, multinational, manufacturing, corporation, headquarter. This article is about the Volvo Group AB Volvo For the separate manufacturer of passenger automobiles see Volvo Cars For other uses see Volvo disambiguation The Volvo Group Swedish Volvokoncernen legally Aktiebolaget Volvo shortened to AB Volvo stylized as VOLVO is a Swedish multinational manufacturing corporation 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 with its subsidiary Volvo Trucks 5 AB VolvoTypeAktiebolagTraded asNasdaq Stockholm VOLV BISINSE0000115446 1 IndustryAutomotiveFounded1927 96 years ago 1927 FoundersAssar Gabrielsson and Gustav LarsonHeadquartersGothenburg SwedenArea servedWorldwideKey peopleCarl Henric Svanberg Chairman Martin Lundstedt President and CEO ProductsTrucks buses construction equipment marine and industrial engines customer financing insurance and related services product related servicesBrandsVolvo Volvo Penta Rokbak Renault Trucks Prevost Arquus Nova Bus Mack group brands Eicher Dongfeng Truck SDLG Milence Cellcentric partnership brands 2 Revenue473 479 billion kr 2022 3 note 1 Operating income45 712 billion kr 2022 3 Net income32 969 billion kr 2022 3 Total assets629 064 billion kr 2022 3 Total equity166 236 billion kr 2022 3 OwnersAB Industrivarden 8 6 27 7 votes 4 Geely 8 2 16 0 votes 4 Number of employees102 155 December 2022 3 SubsidiariesVolvo Trucks Mack Trucks Renault Trucks Volvo Construction Equipment Volvo Buses Volvo Penta Arquus Volvo Financial Services VE Commercial Vehicles Limited 50 Websitewww wbr volvogroup wbr comFootnotes referencesConsolidated group financial figuresAutomobile 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 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 corporation was first listed on the Stockholm Stock Exchange in 1935 and was on the NASDAQ indices from 1985 to 2007 6 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 OV 4 on 14 April 1927 as their beginning 7 Contents 1 History 1 1 Early years and international expansion 1 2 Partnerships and merging attempts 1 3 Refocusing on heavy vehicles 2 Corporate 2 1 Business 2 2 Production facilities 2 3 Trademark 3 Collaboration with universities and colleges 4 See also 5 Notes 6 References 7 External linksHistory EditEarly years and international expansion Edit The first Volvo car a Volvo OV 4 left the assembly line on 14 April 1927 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 8 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 9 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 OV 4 rolled off the production line at the factory in Hisingen Gothenburg 10 Only 280 cars were built that year 11 The first truck the Series 1 debuted in January 1928 as an immediate success and attracted attention outside the country 8 In 1930 Volvo sold 639 cars 11 and the export of trucks to Europe started soon after the cars did not become well known outside Sweden until after World War II 11 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 8 Pentaverken which had manufactured engines for Volvo was acquired in 1935 providing a secure supply of engines and entry into the marine engine market 12 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 Volvo was also responsible for producing the Stridsvagn m 42 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 13 Bolinder Munktell was renamed as Volvo BM in 1973 14 In 1979 Volvo BM s agricultural equipment business was sold to Valmet 15 Later through restructuring and acquisitions the remaining construction equipment business became Volvo Construction Equipment 13 In the 1970s Volvo started to move away from car manufacturing to concentrate more on heavy commercial vehicles The car division focused on models aimed at upper middle class customers to improve its profitability 16 Partnerships and merging attempts Edit In 1977 Volvo tried to combine operations with rival Swedish automotive group Saab Scania but the latter company rejected it 8 Between 1978 8 and 1981 Volvo acquired Beijerinvest a trading company involved in the oil food and finance businesses In 1981 those sectors represented about three quarters of the company revenue while the automotive sector amounted for most of the rest 16 In the early 1970s French manufacturer Renault and Volvo started to collaborate 17 In 1978 Volvo Car Corporation was spun off as a separate company within the Volvo group 18 and Renault acquired a minority stake 8 before selling it back in the 1980s after a restructuring 17 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 8 17 The alliance was officially dissolved in February 1994 and Volvo sold off its minority Renault stake in 1997 8 In the 1990s Volvo also divested from most of its activities outside vehicles and engines 8 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 19 20 During the 1990s Volvo also partnered with the American manufacturer General Motors In 1999 the European Union blocked a merger with Scania AB 8 Refocusing on heavy vehicles Edit Volvo excavator on construction site in Tomaszow Mazowiecki Poland 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 21 22 23 In November 1999 Volvo Group purchased a 5 stake in Mitsubishi Motors as part of a partnership deal for the truck and bus business 24 In 2001 after DaimlerChrysler bought a large Mitsubishi Motors stake 25 Volvo sold its shares to the former 26 Renault Vehicules 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 27 Renault increased its shareholding to 21 7 by 2010 28 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 9 29 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 28 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 Industrivarden as the largest shareholder with 6 2 of the share capital and 18 7 of the voting rights 30 31 That same year Volvo sold Volvo Aero to the British company GKN 32 In 2017 Volvo Cars owner Geely became the largest Volvo shareholder by number of shares after acquiring an 8 2 stake displacing Industrivarden Industrivarden kept more voting rights than Geely Geely getting a 15 8 33 In December 2013 Volvo sold its Volvo Construction Equipment Rents division to Platinum Equity 34 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 35 The project for selling the division was later abandoned and in May 2018 Volvo reorganized Renault Trucks Defense and renamed it Arquus 36 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 37 The sale was completed in March 2019 38 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 39 The final agreements for the alliance were signed in October 2020 with UD Trucks sale pending on regulatory clearances 40 The sale was completed in April 2021 41 In the early 2020s Volvo partnered with other manufacturers to deploy infrastructure for non hydrocarbon energies In April 2020 Volvo and Daimler later Daimler Truck announced that the former planned to acquire half of Daimler s fuel cell business forming a joint venture between the two companies 42 In March 2021 the fuel cell business was reorganised as a joint venture called Cellcentric 43 In December 2021 Volvo Daimler Truck and Traton agreed to the formation of an equally owned joint venture aimed to build an electric vehicle charging network for heavy vehicles in Europe 44 In December 2022 the joint venture called Commercial Vehicle Charging Europe began operations under the trade name Milence 45 In April 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 vehicles 46 The partnership comes is derived from SSAB s own green steel venture HYBRIT 47 Corporate EditBusiness Edit Volvo Museum in Gothenburg Volvo Group s operations include Volvo Trucks midsize duty trucks for regional transportation and heavy duty trucks for long distance transportation as well as heavy duty trucks for the construction work segment Mack Trucks light duty trucks for close distribution and heavy duty trucks for long distance transportation Renault Trucks heavy duty trucks for regional transportations and heavy duty trucks for the construction work segment Arquus military vehicles 48 Dongfeng Commercial Vehicles 45 trucks VE Commercial Vehicles Limited Ltd India VECV a joint venture between Volvo Group and Eicher Motors Limited in which Volvo holds 45 6 trucks and buses Volvo Construction Equipment construction equipment SDLG 70 construction equipment Volvo Group Venture Capital corporate investment company Volvo Buses complete buses and bus chassis for city traffic line traffic and tourist traffic Volvo Financial Services customer financing inter group banking as real estate administration Volvo Penta marine engine systems for leisure boats and commercial shipping diesel engines and drive systems for industrial applications Volvo Energy management and support for electric vehicles batteries and electrification networks 49 According to the company in 2021 almost two thirds 62 of its revenue came from trucks and services related to them Second came construction equipment 25 and the rest was from buses marine engines and minor operations each of them below 5 50 Production facilities Edit Volvo powertrain facilities in Skovde pictured in 2010 Volvo has various production facilities As of 2022 update it has plants in 19 countries with 10 other countries having independent assemblers of Volvo products The company also has product development distribution and logistics centers 51 Its first plant for vehicle assembly on the Hisingen island was owned by SKF until it was made part of the Volvo company in 1930 8 That year Volvo acquired its supplier of engines in Skovde Pentavarken 52 In 1954 Volvo built a new truck assembly plant in Gothenburg and in 1959 8 1964 53 a car assembly plant in Torslanda 8 The first truly branched away plant of Volvo was the Floby gearbox plant 100 kilometers to the northeast of Gothenburg incorporated in 1958 In the 1960s and early 1970s Volvo and its assembly partners opened plants in Canada Belgium Malaysia 52 and Australia 54 In the early part of that period Volvo also started to venture into vehicles other than passenger cars and road going commercial vehicles by acquiring the Eskilstuna plant Bolinder Munktell 52 From the 1970s onwards Volvo set up various facilities Bengtsfors Lindesberg Vara Tanumshede Fargelanda 52 Boras 55 most of them within a 150 kilometer radius of Gothenburg 52 and gradually acquired the Dutch DAF car plants 8 It also established its first South American plant in Curitiba Brazil 56 From the mid 1970s onwards Volvo began building assembly plants with smaller assembly lines more worker centric and with better use of automation leaving Fordism These were Kalmar car assembly built in 1974 53 Tuve truck assembly 1982 53 57 and Uddevalla car assembly 1989 Kalmar and Uddevalla were closed down in the early 1990s following yearly losses 53 The Tuve plant called the LB plant replaced the Gothenburg plant X plant for truck assembly through the 1980s as the former could produce more technologically complex models 57 In 1982 Volvo gained its first plant in the United States the New River Valley plant in Dublin Virginia after acquiring the assets of the White Motor Corporation 16 Starting in the late 1980s Volvo expanded its limited bus production capabilities through acquisitions in various countries Swedish Saffle Karroseri Dutch Aabenraa German Drogmoller Karroserien Canadian Prevost Car Finnish Carrus American Nova Bus Mexican Mexicana de Autobuses In the late 1990s after a short lived joint venture with Polish manufacturer Jelcz Volvo built its main bus production hub for Europe in Wroclaw 56 In the 1990s Volvo also increased its construction equipment assets by acquiring the Swedish company Akerman and the construction equipment division of Samsung Heavy Industries 58 In 1998 the company opened an assembly facility for its three main heavy product lines trucks construction equipment and buses near Bangalore India 56 Volvo sold all its car manufacturing assets in 1999 56 Following the acquisition of Renault Vehicules Industriels 56 and Nissan Diesel 59 in the 2000s Volvo gained various production facilities in Europe North America and Asia 56 59 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 60 61 62 Volvo production sites as of October 2022Company PlantsVolvo Trucks Sweden Tuve trucks parts Umea cabs Koping transmissions Skovde engines Belgium Ghent trucks parts Russia Kaluga trucks South Africa Durban trucks India Bangalore trucks Thailand Bangkok trucks Australia BrisbaneA trucks United States New River Valley trucks parts Brazil Curitiba trucks engines Renault Trucks France Blainville sur OrneB trucks cabs Lyon stamped parts Bourg en Bresse trucks Venissieux engines France Arquus Garchizy repair of materiel parts Marolles en Hurepoix military vehicle assembly repairing retrofitting Saint Nazaire assembly support Limoges production management Mack Trucks United States Hagerstown engines Lehigh Valley trucks Middletown remanufacturing Volvo Construction Equipment Sweden Arvika large wheel loaders Braas articulated haulers Eskilstuna transaxles Hallsberg cabs tanks Germany Konz Konen excavators compact wheel loaders Hameln road building machinery France Belley compact excavators United Kingdom Terex Rokbak brand Motherwell rigid and articulated haulers South Korea Changwon excavators demolition equipment pipelayers India Bangalore excavators rigid and articulated haulers wheel loaders road building machinery parts China Shanghai excavators United States Shippensburg compact wheel loaders road building machinery Brazil PederneirasC articulated haulers large wheel loaders soil compactors crawler excavators Volvo Buses Sweden Boras chassis Uddevalla frames Poland Wroclaw buses Canada Prevost Nova Bus Sainte Claire buses Saint Eustache buses Saint Francois du Lac chassis India Bangalore chassis engines Brasil Curitiba chassis engines Mexico Mexico City buses United States Nova Bus Plattsburgh buses VE Commercial Vehicles India Pithampur trucks engines transmissions Dongfeng Truck China Shiyan trucks SDLG China Linyi compact excavators large wheel loaders soil compactors asphalt pavers Volvo Penta Sweden Gothenburg VaraChina ShanghaiUnited States LexingtonNotesCompanies with a light blue background are minority owned by Volvo Production suspended A It also produces Mack Trucks badged vehicles B It also produces Volvo Trucks and DAF badged vehicles C It also produces SDLG badged vehicles Sources 51 54 55 56 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 Trademark Edit Volvo Trademark Holding AB is equally owned by AB Volvo and Volvo Car Corporation 84 The main activity of the company is to own maintain protect and preserve the Volvo trademarks including Volvo the Volvo branding symbols grille slash and iron mark 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 85 Collaboration with universities and colleges EditVolvo 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 Malardalen University College and the University of Skovde 86 See also EditPort of GothenburgNotes Edit It includes financial information attributable to both AB Volvo proper and its consolidated and non consolidated affiliates such as subsidiaries and joint ventures collectively known as the Volvo Group References Edit VOLV B VOLVO B SE0000115446 nasdaqomxnordic com Retrieved 23 September 2022 Our brands a b c d e f Volvo Group report on the fourth quarter and full year 2022 PDF AB Volvo pp 3 4 16 Retrieved 26 February 2023 a b Annual and Sustainability Report 2021 PDF AB Volvo pp 7 45 48 49 69 Retrieved 16 March 2022 Annual and Sustainability Report 2016 PDF Volvo p 1 Archived PDF from the original on 2 July 2017 Retrieved 8 June 2017 Volvo to quit Nasdaq Toronto Star 14 June 2007 Archived from the original on 20 October 2017 Retrieved 15 June 2017 Volvo s founders Volvo Group Global Volvo 14 April 1927 Archived from the original on 22 May 2009 Retrieved 12 June 2009 a b c d e f g h i j k l m n Pederson Jay P June 2005 AB Volvo International Directory of Company Histories Vol 67 St James Press pp 378 383 ISBN 978 1 5586 2512 9 a b History time line Volvo Group Global Volvo Archived from the original on 20 June 2011 Retrieved 12 June 2009 Volvo Group Global Volvo 80 years Volvo Archived from the original on 22 October 2009 Retrieved 6 November 2010 a b c Georgano G N Cars Early and Vintage 1886 1930 London Grange Universal 1985 ISBN 9781590844915 1930 History Volvo Penta Volvo Penta Archived from the original on 3 December 2013 Retrieved 28 November 2013 a b Eliasson G 2013 Automotive dinamics in regional economies In Pyka Andreas Burghof Hans Peter eds Innovation and Finance Routledge p 130 ISBN 978 1 135 08491 2 Heccbol tamasztottak fel a Volvo hires traktormarkajat in Hungarian Agrarszektor hu 6 January 2017 Archived from the original on 7 January 2017 Retrieved 14 June 2016 Zo zou de Volvo BM er nu uit kunnen zien in Dutch Mechaman nl 24 October 2016 Archived from the original on 20 October 2017 Retrieved 15 June 2016 a b c Vinocur John 17 May 1982 Volvo diversifying away from autos The New York Times Retrieved 9 October 2022 a b c Donnelly Tom Donnelly Tim Morris David 2004 Renault 1985 2000 From bankruptcy to profit PDF Working papers Caen Innovation Marche Entreprise 30 OCLC 799704146 Archived from the original PDF on 20 September 2006 a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help Styhre Alexander 2007 The Innovative Bureaucracy Bureaucracy in an Age of Fluidity Routledge ISBN 978 0 203 96433 0 Mitsubishi Motors Corporation Vehicle Manufacturer Strategic Insight Archived 23 February 2009 at the Wayback Machine Automotive World subscription required Once upon a time History Nedcar nl website Nedcar nl 1 May 2006 Archived from the original on 29 July 2007 Retrieved 16 May 2012 Simister John November 2006 Volvo C30 T5 SE Evo Archived from the original on 3 December 2013 Retrieved 29 November 2013 The T5 petrol engine is almost the same as the one borrowed from Volvo by Ford for the Focus ST ASTON S CLEARER ADVANTAGE The Scotsman 29 November 2013 Archived from the original on 3 December 2013 Retrieved 29 November 2013 The optional satellite navigation remains a Volvo sourced system that is absurdly fiddly Simister John December 2006 Land Rover Freelander Evo Archived from the original on 3 December 2013 Retrieved 29 November 2013 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 Mitsubishi Motors announces alliance with Volvo The Augusta Chronicle 10 October 1999 Archived from the original on 20 October 2017 Retrieved 27 June 2017 Miller Scott 15 February 2001 Volvo Might Sell Its Mitsubishi Stake Because of Daimler s Control of Firm The Wall Street Journal Archived from the original on 20 October 2017 Retrieved 27 June 2017 Volvo saljer sitt innehav i Mitsubishi Aftonbladet in Swedish 11 April 2001 Archived from the original on 20 October 2017 Retrieved 27 June 2017 AB VOLVO TRANSFER REMAINING SHARES TO RENAULT S A Volvo 9 February 2001 Archived from the original on 3 December 2013 Retrieved 29 November 2013 a b Renault raises 3bn with part sale of Volvo stake The Daily Telegraph 7 October 2010 Archived from the original on 4 January 2014 Retrieved 29 November 2013 Volvo in 1 1bn Nissan purchase BBC News BBC 20 February 2007 Archived from the original on 19 March 2007 Retrieved 29 November 2013 Pearson David 12 December 2012 Renault to Sell Rest of Its Volvo Stake The Wall Street Journal Archived from the original on 4 December 2013 Retrieved 29 November 2013 Industrivarden strengthens its ownership position in Volvo Industrivarden 13 December 2012 Archived from the original on 3 December 2013 Retrieved 29 November 2013 GKN s shares soar as it buys Volvo s aircraft engine business The Guardian 5 July 2012 Archived from the original on 26 February 2018 Retrieved 27 June 2017 China s Geely turns to Volvo trucks in latest Swedish venture Reuters 27 December 2017 Archived from the original on 26 February 2018 Retrieved 25 February 2018 Fuller Matthew 12 February 2014 Despite Raising Eyebrows BlueLine Prices 252M PIK Toggle High Yield Bond Deal Forbes Archived from the original on 13 April 2018 Retrieved 27 June 2017 Tran Pierre 4 November 2016 Volvo Launches RTD Sale No Timetable Defense News Sightline Media Group Retrieved 14 June 2017 dead link Altmeyer Cyril 24 May 2018 Armament terrestre Renault Trucks Defense Volvo devient Arquus Ground army Renault Trucks Defense Volvo becomes Arquus L Usine Nouvelle in French Archived from the original on 1 April 2019 Retrieved 1 April 2019 Volvo Group To Divest 75 1 Of Shares In WirelessCar Unit To Volkswagen Markets Insider 19 December 2018 Archived from the original on 1 April 2019 Retrieved 1 April 2019 Volvo Group has completed the sale of shares in WirelessCar Press release Volvo 29 March 2019 Archived from the original on 1 April 2019 Retrieved 1 April 2019 Okada Emi Yamada Kohei Fukao Kosei 20 December 2019 Isuzu tackles emerging rivals and R amp D costs with Volvo tie up Nikkei Asian Review Retrieved 20 December 2019 Volvo Group and Isuzu Motors sign final agreements to form strategic alliance Press release Volvo 30 October 2020 Retrieved 2 January 2020 Volvo Group and Isuzu Motors complete UD Trucks transaction as part of the strategic alliance www volvogroup com Retrieved 1 April 2021 Goldstein Steve 21 April 2020 Volvo buying half of Daimler s fuel cell activities as firms form venture MarketWatch Retrieved 21 April 2020 Carey Nick 29 April 2021 Daimler Volvo seek huge cuts in hydrogen fuel cell costs by 2027 Reuters Retrieved 26 February 2023 Kane Mark 19 December 2021 Volvo Daimler and Traton agree on JV charging network for trucks InsideEVs Retrieved 26 February 2023 Milence charging network accelerates Europe s shift to fossil free road transport UK Haulier 8 December 2022 Retrieved 26 February 2023 Volvo investigates fossil fuel free steel collaboration with SSAB SSAB Retrieved 25 June 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Volvo Cars to test fossil free steel from SSAB s HYBRIT venture Reuters 16 June 2021 Retrieved 25 June 2021 Organization Volvo Group www volvogroup com Retrieved 11 June 2019 About us Volvo Energy Retrieved 17 January 2022 Our global presence Volvo Retrieved 10 October 2022 a b Our production facilities Volvo Retrieved 9 October 2022 a b c d e Law Christopher M July 2017 Restructuring the Swedish manufacturing industry the case of the motor vehicle industry Restructuring the Global Automobile Industry Routledge Library Editions The Automobile Industry Vol 4 Taylor amp Francis pp 207 208 ISBN 978 0 415 04712 8 a b c d Sandberg Ake ed 2007 Enriching Production Perspectives on Volvo s Uddevalla plant as an alternative to lean production Avebury pp VIII IX 1 8 ISBN 978 1 85972 106 3 a b Meredith David 22 November 2017 Milestone for Volvo s Brisbane plant The West Australian Retrieved 9 October 2022 a b Volvo celebrates 200 000 chassis produced at Boras factory Coach amp Bus Week 18 January 2022 Retrieved 9 October 2022 a b c d e f g Ivarsson Inge Alvstam Claes G 2007 Global production and trade systems the Volvo case In Pellenbarg Piet Wever Egbert eds International Business Geography Case Studies of Corporate Firms Routledge pp 63 74 ISBN 978 0 203 93920 8 a b Berggren Christian 2019 Alternatives to Lean Production Work Organization in the Swedish Auto Industry Cornell University Press p 129 ISBN 978 0 87546 317 9 Dig this history of Volvo evolving excavator range Compact Equipment 22 August 2017 Retrieved 10 October 2022 a b Volvo buys Nissan Diesel Financial Times 20 February 2007 Retrieved 10 October 2022 Latimer Cole 10 December 2013 Terex sells trucks arm to Volvo Australian Mining Prime Creative Media Archived from the original on 20 October 2017 Retrieved 14 June 2017 Miller Graham 31 December 2013 Volvo buys Terex plant in Newhouse for 160m Daily Record Scottish Daily Record and Sunday Mail Archived from the original on 20 October 2017 Retrieved 14 June 2017 Further job cuts at Terex truck firm in Motherwell bbc com BBC 16 June 2016 Archived from the original on 11 January 2017 Retrieved 14 June 2017 Tuve plant Volvo Retrieved 9 October 2022 Volvo Trucks New River Valley plant Volvo Retrieved 9 October 2022 Blainville Volvo Retrieved 9 October 2022 Industrial organization Arquus Retrieved 10 October 2022 Reman center Volvo Trucks US Retrieved 10 October 2022 Arvika Volvo Construction Equipment Retrieved 10 October 2022 Braas Volvo Construction Equipment Retrieved 10 October 2022 Eskilstuna Volvo Construction Equipment Retrieved 10 October 2022 Hallsberg Volvo Construction Equipment Retrieved 10 October 2022 Konz Volvo Construction Equipment Retrieved 10 October 2022 Hameln Volvo Construction Equipment Retrieved 10 October 2022 Belley Volvo Construction Equipment Retrieved 10 October 2022 Motherwell Volvo Construction Equipment Retrieved 10 October 2022 Changwon Volvo Construction Equipment Retrieved 10 October 2022 Bangalore Volvo Construction Equipment Retrieved 10 October 2022 Shanghai Volvo Construction Equipment Retrieved 10 October 2022 Pederneiras Volvo Construction Equipment Retrieved 10 October 2022 Shippensburg Volvo Construction Equipment Retrieved 10 October 2022 Linyi Volvo Construction Equipment Retrieved 10 October 2022 Nova Bus opens assembly plant in Plattsburgh N Y Reliable Plant Retrieved 10 October 2022 Wright Robert 8 April 2022 Volvo Trucks to take 423mn hit after halting work in Russia Financial Times Retrieved 10 October 2022 Volvo Annual Report 1999 volvo com Archived from the original on 16 March 2012 Retrieved 6 November 2010 The Volvo Brand Name Volvo Annual Report 1999 volvo com Archived from the original on 17 July 2011 Retrieved 6 November 2010 Academic Partner Program Volvo Group www volvogroup com Retrieved 4 August 2022 External links EditOfficial Volvo Group website Official Volvo website for Volvo branded companies Retrieved from https en wikipedia org w index php title Volvo amp oldid 1144392684, wikipedia, wiki, book, books, library,

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