The Volvo Group (, ; 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 through its subsidiary Volvo Trucks.[7]
Volvo was founded in 1927. Initially involved in the automobile industry, Volvo expanded into other manufacturing sectors throughout the twentieth century. 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 World of Volvo museum in Gothenburg, Sweden.[8]
The corporation was first listed on the Stockholm Stock Exchange in 1935, and was listed on the American NASDAQ from 1985 to 2007.[9] Volvo is one of Sweden's largest companies by market capitalisation and revenue.[10]
History
Early years and international expansion
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.[11]
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 rigours of the country's rough roads and cold temperatures.[12]
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 considers itself to have started in 1927, when the first car, a Volvo ÖV 4
Corporate
Business
Volvo Group's operations include:
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 contributing less than 5%.[55]
- 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)[53]
Collaboration with universities and colleges
Volvo has strategic collaborations for purposes of research and recruitment with a number of 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.[93]
In 2019, Volvo partnered with Nanyang Technological University (NTU), SMRT, and the Land Transport Authority (LTA) in Singapore to unveil the first 12-meter fully electric autonomous bus which was set to be tested at NTU in Singapore before extending the route beyond the university campus.[94]
Communication campaigns
In November 2013, Volvo Trucks enlisted Jean-Claude Van Damme to perform a split between two moving trucks in reverse. The goal of this campaign, titled "Epic Split," was to demonstrate the stability and precision of its "Dynamic Steering" model.[95] In just three weeks, the video went viral, garnering over 61 million views on YouTube.[96]
Two years after the "Epic Split", Volvo Trucks aimed to demonstrate the durability of one of its trucks by handing over the controls to a four-year-old girl named Sophie. Conceptualized by the Swedish agency Forsman and Bodenfors, the widely shared video clip features Sophie using a remote control to navigate the truck through various obstacles, showcasing the vehicle's robustness and precision.[97]
Controversies
Israeli ties during the Gaza war
Volvo has provided heavy construction equipment — specifically excavators and bulldozers — through authorized dealers that have been deployed in destroying Palestinian residences and public facilities, with incidents documented in East Jerusalem and communities such as Umm al-Khair and Hebron. Although Volvo maintains that these vehicles were purchased by intermediaries and meant for civilian applications, a United Nations expert investigation determined the company bears substantial responsibility for enabling "the displacement system" and cautions that inactive suppliers transform into active participants in occupation-related activities. According to UN experts, corporations can be held liable when providing assistance or enter into trade dealings with Israel, as it commits war crimes and forced displacement against Palestinians.[98][99][100]
See also
External links
- – for Volvo-branded companies.
References
- Volvo Group, Organization Volvo Group, Volvo Group, retrieved 5 March 2026^
- Annual Report 2024 AB Volvo, retrieved 15 April 2025^
- 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.^