Volvo Cars

In 1927, in Gothenburg, Sweden, two friends, an SKF sales manager named Assar Gabrielsson and an engineer, Gustaf Larson, founded a car company with a simple but powerful idea. They believed cars should be built for the harsh realities of Swedish roads, making safety the guiding principle. This core concept gave birth to Volvo, and their first production car, the ÖV4, rolled off the assembly line that same year. For decades, Volvo built its brand on a reputation for safety and durability. A pivotal moment came in 1999 when the Volvo Group sold its car division to Ford Motor Company. This marked a new chapter, placing the Swedish brand within a large American automotive conglomerate. Another significant event occurred in 2010 when Ford sold Volvo Cars to the Chinese automotive company, Zhejiang Geely Holding Group. The acquisition was met with some skepticism but provided Volvo with the resources to expand its presence in China and other emerging markets while retaining its focus on safety and Scandinavian design. This new ownership structure eventually led to the next major milestone. In October 2021, Volvo Cars held its Initial Public Offering (IPO) on the Nasdaq Stockholm stock exchange. The move was designed to fund its ambitious strategy to become a fully electric car company. Geely remains the majority shareholder, continuing a unique journey of Swedish heritage and global partnership.