Volvo
Swedish multinational manufacturer of trucks, buses, and construction equipment.
It is one of Sweden's largest companies by market capitalisation and revenue, and in 2016 was the world's second-largest manufacturer of heavy-duty trucks through its subsidiary Volvo Trucks. Its core activities include production, distribution, and sale of trucks, buses, construction equipment, marine and industrial drive systems, and financial services.
- headquarters
- Gothenburg, Sweden
- field
- Manufacturing (trucks, buses, construction equipment, marine and industrial drive systems, financial services)
- nationality
- Swedish
- known_for
- Second-largest heavy-duty truck manufacturer (2016); Volvo Trucks; Volvo logo shared with Volvo Cars
Lore & Background
The name means 'I roll' in Latin. Founders Assar Gabrielsson and Gustav Larson aimed to build cars suited to Sweden's rough roads and cold temperatures. The remaining construction equipment business became Volvo Construction Equipment.
Reader's Guide
Volvo Group's significance lies in its evolution from a car manufacturer to a global leader in heavy commercial vehicles. The sale of Volvo Cars to Ford in 1999 for $6.45 billion marked a strategic refocus on trucks, buses, and construction equipment. Volvo's legacy includes its role in Swedish industrial history, its shared logo with Volvo Cars (now owned by Geely), and its cooperation in the World of Volvo museum. The company's divestiture of Volvo Aero in 2012 and its reorganization of Renault Trucks Defense into Arquus in 2018 illustrate ongoing adaptation. Volvo remains a major Swedish corporation by market capitalisation and revenue.
Did You Know?
- In 2017, Volvo Cars owner Geely became the largest Volvo shareholder by number of shares after acquiring an 8.2% stake.
Frequently Asked Questions
What is AB Volvo?
AB Volvo is a Swedish manufacturing giant based in Gothenburg that builds heavy-duty trucks, buses, construction machinery, and marine or industrial power units. It also provides financial services to its customers and stands as one of Sweden's most valuable companies by market cap and revenue.
What is Volvo Group's position in the truck market?
At its 2016 peak, the group ranked as the world's number-two maker of heavy-duty trucks, a position held through its Volvo Trucks division. Its broader portfolio also includes buses, earth-moving equipment, and marine propulsion systems.
What products does Volvo Group actually make?
The group's lineup covers heavy-duty and medium-duty trucks, transit and coach buses, construction and mining equipment, as well as marine and industrial drive systems. It rounds out its offerings with a financial-services arm for leasing and financing these vehicles.
How is Volvo Group different from Volvo Cars?
AB Volvo is the parent of the commercial-vehicle and industrial-equipment business, whereas Volvo Cars is a separate passenger-car manufacturer. They share the same iconic logo but operate independently in different segments of the automotive world.
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