Volvo Group customers are active in more than 180 countries worldwide, mainly in Europe, Asia and North America. Group sales of products and services are conducted through wholly owned and independent dealers. The global service network handles customer demand for spare parts and other services.
The Group workforce is more than 100,000 employees. The majority of employees are based in Sweden, France, Japan, the US, China, Brazil and South Korea. A key feature of the Volvo Group’s growth strategy is to increase its presence in emerging markets, primarily in Asia and Eastern Europe. Volvo implemented investments in Japan, China and India. These investments provide a platform for increased sales.
The Volvo Group is a Swedish supplier of commercial vehicles such as trucks, buses and construction equipment, drive systems for marine and industrial applications, aerospace components and financial services. Although Volvo was incorporated in 1915 as a subsidiary of AB SKF, a Swedish ball bearing manufacturer, the auto manufacturer was officially founded on 14 April 1927, when the first car rolled off the factory in Hisingen, Gothenburg. Volvo means "I roll" in Latin (or "I drive" in modern-day English)
The Volvo Group has its origin in 1927 when the first Volvo car rolled off the production line at the factory in Goteborg. Only 297 cars were built that year. The first truck, the Series 1, debuted in January 1928, was an immediate success and attracted attention outside the country. In 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.
Marine engines have been part of the Group almost as long as trucks. Pentaverken, founded in 1907, was acquired in 1935. As early as 1929, however, the U-21 outboard engine was introduced. Manufacturing continued until 1962. The first bus, aptly-named B1, was launched in 1934, and aircraft engines were added to the growing range of products at the beginning of the 1940s.
On 28 January 1999 Volvo Group sold its business area Volvo Car Corporation to Ford Motor Company for US$6.45 billion, with the resulting group now largely set on commercial vehicles. On 2 January 2001, Renault V. I. (including Mack Trucks, but not Renault S. A.'s stake in Iris bus) was sold to Volvo, which renamed it Renault Trucks in 2002. As a result, the mother company Renault S. A. is AB Volvo's biggest shareholder, with a 20% stake, shares and voting rights.
The last ten years the company has undergone rapid growth in the service area with, for example, financial solutions supporting the sales of the manufacturing business units. In 2006, AB Volvo acquired from Nissan Motor Co Ltd, 13% of the shares in the Japanese truck manufacturer Nissan Diesel, and became major shareholder. In 2007 the Volvo Group fully privatized Nissan Diesel to support its expansion in the Asian region.
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