Volvo is one of the most recognized automotive brands, known for safety and innovation. Many people wonder, who owns Volvo today?
The company has undergone significant ownership changes over the years. Currently, Volvo Cars is owned by a Chinese automotive giant, while Volvo Group, which manufactures trucks and construction equipment, has different shareholders.
Let’s explore Volvo’s history, ownership, market position, and brands.
History of Volvo
Volvo was founded in 1927 in Gothenburg, Sweden. The company started as an automobile manufacturer under SKF, a Swedish ball-bearing company. Over the decades, Volvo expanded into trucks, buses, and construction equipment.
In 1999, Volvo sold its passenger car division to Ford Motor Company, which later sold it to a Chinese automaker, Zhejiang Geely Holding Group, in 2010.
Meanwhile, Volvo Group continued as a separate entity producing commercial vehicles and industrial equipment.
Who Owns Volvo?
Volvo is owned by Zhejiang Geely Holding Group Co., Ltd., commonly known as Geely. This Chinese automotive giant acquired Volvo Cars in 2010 from Ford Motor Company.
However, it is important to distinguish between Volvo Cars and Volvo Group, as they are two separate companies. Volvo Cars focuses on passenger vehicles, while Volvo Group specializes in trucks, buses, construction equipment, and marine engines.
Volvo Group has a different ownership structure, with major shareholders including the Swedish investment firm Industrivärden and Cevian Capital.
Volvo Shareholders
Here’s a list of the major investors and shareholders of Volvo:
Zhejiang Geely Holding Group (Volvo Cars)
Zhejiang Geely Holding Group Co., Ltd. is the sole owner of Volvo Cars, holding a 100% stake. Geely, founded by Chinese billionaire Li Shufu, acquired the company from Ford in 2010.
Since then, it has overseen Volvo’s global operations, influencing its product development, electrification strategy, and expansion into new markets. Geely’s control ensures that Volvo Cars operates under its corporate umbrella, aligning with its long-term automotive vision.
Industrivärden AB
Volvo Group, which operates separately from Volvo Cars, has a diversified shareholder structure. One of its largest shareholders is Industrivärden AB, a Swedish investment firm with a 9.3% ownership stake and 28.4% of the voting rights.
Industrivärden has significant influence over Volvo Group’s decisions, including corporate strategy and board appointments. As a long-term investor, Industrivärden plays a major role in shaping the company’s future direction.
Cevian Capital
Another key shareholder in Volvo Group is Cevian Capital, a European investment firm that holds around 4.7% of the shares and 5.2% of the voting rights.
Cevian is known for its activist investment approach, meaning it actively engages with Volvo Group’s management to improve financial performance and operational efficiency.
While its stake is smaller than Industrivärden’s, Cevian still has a strong voice in key business decisions.
Other Institutional and Retail Investors
Apart from these major shareholders, Volvo Group has a broad base of institutional and retail investors. Swedish pension funds and global investment firms own smaller stakes, making Volvo a widely held company.
Since Volvo Group is publicly traded on the Nasdaq Stockholm exchange, shares are bought and sold regularly, meaning ownership percentages may fluctuate over time. Unlike Volvo Cars, which is privately held by Geely, Volvo Group operates as a publicly listed company with a diverse range of investors.
Who Controls Volvo?
The control of Volvo depends on whether we are referring to Volvo Cars or Volvo Group, as they are separate entities with different ownership structures and decision-making processes.
Who Controls Volvo Cars?
Volvo Cars is entirely controlled by Zhejiang Geely Holding Group Co., Ltd., which owns 100% of the company. This means that Geely has full authority over Volvo Cars’ strategic direction, product development, and financial decisions. The company’s founder, Li Shufu, plays a key role in Volvo’s leadership, as he is both the chairman of Geely and a major decision-maker in Volvo Cars.
While Volvo Cars operates as an independent brand with its own management team, Geely’s influence is significant. Key decisions, such as the shift toward electric vehicles, investments in autonomous driving technology, and partnerships with other automakers, align with Geely’s broader vision for the automotive industry.
The CEO of Volvo Cars, currently Jim Rowan, is responsible for day-to-day operations but ultimately answers to Geely’s leadership.
Geely’s control is also reflected in the board of directors, which includes representatives from Geely who oversee Volvo’s corporate governance. Since Geely is a private company, it does not have public shareholders influencing its decisions, allowing it to implement long-term strategies without external pressure.
Who Controls Volvo Group?
Volvo Group, which focuses on commercial vehicles like trucks and buses, operates under a public ownership model with multiple shareholders. Control of Volvo Group is more complex than Volvo Cars because it involves a mix of institutional investors, a board of directors, and executive leadership.
The largest shareholder with controlling influence in Volvo Group is Industrivärden AB, a Swedish investment firm that owns 9.3% of the shares but holds 28.4% of the voting rights. This gives Industrivärden significant power in decision-making, even though its actual share ownership is relatively small.
The board of directors plays a critical role in controlling Volvo Group. The board is responsible for setting corporate strategy, overseeing management, and ensuring that the company operates efficiently. The chairman of the board, currently Carl-Henric Svanberg, has a key role in steering the company’s long-term direction.
The executive management team, led by the CEO Martin Lundstedt, handles the company’s day-to-day operations. The CEO is responsible for implementing the board’s strategic decisions, managing financial performance, and driving innovation in Volvo’s product offerings. While the CEO has significant influence, major corporate decisions—such as mergers, acquisitions, and large-scale investments—require board approval.
Annual Revenue and Net Worth of Volvo
In 2024, Volvo Group reported net sales of SEK 526.8 billion, a 3% decrease when adjusted for currency fluctuations, compared to the previous year. This decline was primarily due to a 5% reduction in vehicle sales, although service sales saw a 4% increase.
In 2023, Volvo Cars reported revenue of approximately $36 billion, with a net income of around $2 billion. Volvo Group, which includes trucks, buses, and construction equipment, generated over $47 billion in revenue, making it one of the world’s largest manufacturers in its sector.
As of 2024, Volvo Group’s market capitalization was approximately $52.39 billion.
Over the last ten years, Volvo Group’s revenue has experienced fluctuations due to various market conditions, technological advancements, and strategic decisions:
| Year | Revenue (USD Billion) | YoY Change (%) |
|---|
| 2015 | 37.22 | -7.32 |
| 2016 | 35.26 | -5.28 |
| 2017 | 39.59 | 12.29 |
| 2018 | 44.41 | 12.17 |
| 2019 | 45.91 | 3.37 |
| 2020 | 37.38 | -18.58 |
| 2021 | 42.42 | 13.50 |
| 2022 | 46.27 | 9.07 |
| 2023 | 52.47 | 13.38 |
| 2024 | 52.39 | -0.15 |
Who Makes Volvo Engines, Vehicles, and Machines?
Volvo Group and Volvo Cars manufacture different types of vehicles, engines, and machinery through a global network of production facilities. Volvo Group focuses on commercial vehicles and heavy machinery, while Volvo Cars produces passenger vehicles.
Who Makes Volvo Cars?
Volvo Cars manufactures its passenger vehicles in multiple countries, including Sweden, Belgium, China, and the United States. The company operates modern manufacturing plants to ensure high-quality production standards.
- The Torslanda plant in Gothenburg, Sweden, is one of Volvo’s largest facilities, responsible for producing key models like the XC90, XC60, and V60.
- The Ghent plant in Belgium produces the XC40 and some electric models.
- In China, Volvo Cars has major factories in Chengdu, Daqing, and Taizhou, where vehicles like the S90, XC60, and S60 are built.
- The Ridgeville plant in South Carolina, USA, produces the Volvo EX90 and S60 for the North American market.
Volvo Cars designs and develops its own engines and hybrid systems. However, in recent years, the company has been transitioning toward electric vehicles (EVs). Volvo Cars uses in-house developed electric motors and batteries sourced from partners like CATL and LG Chem.
Who Makes Volvo Trucks and Buses?
Volvo Group manufactures commercial vehicles, including Volvo Trucks, Mack Trucks, and Volvo Buses, in multiple locations worldwide. These trucks and buses are built in high-tech factories across Europe, North America, South America, and Asia.
- In Sweden, Volvo Group’s Tuve plant in Gothenburg assembles heavy-duty trucks like the Volvo FH, FM, and FMX.
- In Belgium, the Ghent plant is a key production hub for medium and heavy-duty trucks.
- In the United States, Mack Trucks (a subsidiary of Volvo Group) is produced in Macungie, Pennsylvania, while Volvo Trucks for the North American market are built in Dublin, Virginia.
- In Brazil and India, Volvo Group operates manufacturing facilities that produce trucks and buses for emerging markets.
Volvo Group also produces electric and hydrogen-powered trucks. The company is investing in battery-electric and fuel-cell technologies to reduce emissions in its commercial vehicle lineup.
Who Makes Volvo Construction Equipment?
Volvo Construction Equipment (Volvo CE) is a division of Volvo Group that produces excavators, wheel loaders, articulated haulers, and road construction machines. These machines are manufactured in specialized plants across Sweden, Germany, the United States, Brazil, China, and South Korea.
- The Eskilstuna plant in Sweden is one of Volvo CE’s oldest factories, producing wheel loaders and compact excavators.
- The Changwon plant in South Korea focuses on producing larger excavators.
- The Shippensburg plant in Pennsylvania, USA, builds road construction equipment for North America.
Volvo CE also develops and manufactures its own engines for construction machines, focusing on fuel efficiency and low emissions. The company has recently introduced electric and autonomous construction equipment to align with sustainability goals.
Market Share and Competitors
Volvo Cars holds a strong position in the premium automobile market, competing with brands like BMW, Mercedes-Benz, and Audi. It has a global market share of around 1.5% with higher penetration in Europe and China.
Volvo Group is a leader in commercial vehicles holding a market share of around 14% in trucks and 8% in construction equipment.
Volvo Competitors
Here’s a list of the major competitors of Volvo:
Daimler Truck
Daimler Truck is one of the world’s leading commercial vehicle manufacturers, producing trucks and buses under brands like Mercedes-Benz, Freightliner, and Fuso. In 2024, Daimler Truck reported revenues of approximately $165.7 billion, employing around 166,056 individuals globally.
The company has a significant presence in markets across Europe, North America, and Asia. Notably, Daimler Truck and Volvo Group have entered into a joint venture to develop a common software-defined vehicle platform, aiming to advance technological innovations in the commercial vehicle industry.
Volkswagen Group
Volkswagen Group is a global automotive conglomerate headquartered in Germany, encompassing brands such as Volkswagen Commercial Vehicles, MAN Truck & Bus, and Scania. In 2024, the group reported revenues of approximately $348.5 billion, with a workforce of around 651,917 employees.
Volkswagen’s commercial vehicle segment competes directly with Volvo Group in various markets, offering a wide range of trucks and buses. The company is actively transitioning to electric vehicles, facing challenges related to production costs and market adaptation.
Caterpillar Inc.
Caterpillar Inc. is a leading American manufacturer of construction and mining equipment, engines, and industrial products. With revenues of approximately $67.1 billion and around 113,200 employees as of 2024, Caterpillar holds a substantial share in the construction equipment market.
The company’s product offerings overlap with Volvo Group’s construction equipment segment, making them direct competitors in this sector.
Tata Motors Ltd.
Tata Motors Ltd., an Indian multinational automotive manufacturing company, produces a range of vehicles, including commercial trucks and buses. In 2024, Tata Motors reported revenues of approximately $53.0 billion and employed around 91,496 individuals.
The company’s commercial vehicle division competes with Volvo Group in various emerging markets, particularly in Asia and Africa.
PACCAR Inc.
PACCAR Inc. is an American Fortune 500 company that designs and manufactures light, medium, and heavy-duty trucks under the Kenworth, Peterbilt, and DAF brands. The company is a significant competitor in the North American and European markets, offering a range of commercial vehicles that rival Volvo Group’s truck offerings.
Isuzu Motors
Isuzu Motors is a Japanese manufacturer specializing in commercial vehicles and diesel engines. The company’s lineup includes light to heavy-duty trucks and buses, competing with Volvo Group in various global markets. Isuzu is known for its durable and reliable commercial vehicles, maintaining a strong presence in Asia, Africa, and Latin America.
MAN Truck & Bus
MAN Truck & Bus, a subsidiary of the Traton Group (part of Volkswagen Group), is a German manufacturer of commercial vehicles, including trucks, buses, and vans. The company competes with Volvo Group primarily in the European market, offering a range of vehicles known for their engineering and efficiency.
Scania
Scania, also a subsidiary of the Traton Group, is a Swedish manufacturer of heavy trucks and buses. Scania competes directly with Volvo Group in the European and Latin American markets, known for its premium vehicles and focus on sustainability and innovation.
Brands Owned by Volvo
Volvo operates under two separate entities, each owning different brands.
Volvo Cars Brands
- Polestar – A performance EV brand owned jointly by Volvo Cars and Geely.
- Lynk & Co – A mobility-focused brand under Geely, with Volvo’s technology influence.
Volvo Group Brands
- Mack Trucks – A subsidiary manufacturing heavy-duty trucks in North America.
- Renault Trucks – A French truck manufacturer owned by Volvo Group.
- UD Trucks – A Japanese truck brand, formerly owned by Nissan, now part of Volvo Group.
- Volvo Penta – Specializes in marine and industrial engines.
Conclusion
Volvo is a well-established brand with a complex ownership structure. Volvo Cars is owned by Geely Holding, while Volvo Group remains a publicly traded entity with major institutional investors. Both divisions continue to innovate, with Volvo Cars focusing on electrification and Volvo Group leading in commercial vehicle manufacturing. Despite competition from premium automakers and truck manufacturers, Volvo remains a key player in the global market.
FAQs
Who owns Volvo in 2024?
Volvo Cars is owned by Geely Holding Group, while Volvo Group is publicly traded with major institutional investors.
Is Volvo still a Swedish company?
Yes, Volvo maintains its headquarters in Sweden, and its engineering and design teams operate largely from there.
Does Volvo make electric cars?
Yes, Volvo Cars is investing heavily in electric vehicles, with models like the Volvo EX90 leading its EV lineup.
What is the difference between Volvo Cars and Volvo Group?
Volvo Cars manufactures passenger vehicles, while Volvo Group focuses on trucks, buses, and industrial equipment.
Who are Volvo’s biggest competitors?
Volvo Cars competes with BMW, Mercedes-Benz, and Audi, while Volvo Group faces competition from Daimler Trucks, Scania, and Caterpillar.
Who Makes Volvo Cars Now?
Volvo Cars is manufactured by Volvo Car Corporation, which is owned by Zhejiang Geely Holding Group Co., Ltd. (Geely). Geely, a Chinese automotive company, acquired Volvo Cars from Ford Motor Company in 2010. Volvo Cars produces vehicles in factories located in Sweden, Belgium, China, and the United States. The company designs its own electric motors and partners with CATL and LG Chem for battery supply.
Who Owns Volvo Auto Company?
Volvo Auto Company, known as Volvo Cars, is fully owned by Zhejiang Geely Holding Group Co., Ltd.. Geely acquired the company in 2010, making it a subsidiary under its global automotive umbrella. Although headquartered in Gothenburg, Sweden, Volvo Cars operates as a Chinese-owned company, with Geely having full control over its strategic decisions.
Who Owns Volvo Heavy Equipment?
Volvo Heavy Equipment is part of Volvo Construction Equipment (Volvo CE), which is a division of Volvo Group. Unlike Volvo Cars, Volvo CE is not owned by Geely. Instead, it operates under Volvo Group, which is publicly traded on the Nasdaq Stockholm stock exchange. The largest shareholder of Volvo Group is Industrivärden AB, which holds a significant share of voting rights. Volvo CE manufactures construction machinery in Sweden, Germany, the USA, China, and South Korea.
Who Makes Volvo Vehicles?
Volvo vehicles are made by two separate companies:
- Volvo Cars, which produces passenger vehicles like the XC90 and S60, is owned by Geely Holding and manufactures cars in Sweden, Belgium, China, and the USA.
- Volvo Group, which makes trucks, buses, and construction equipment, is a Swedish publicly traded company with factories across Europe, North America, South America, and Asia.
Who Makes Volvo Engines?
Volvo Cars and Volvo Group both make their own engines, but they operate separately:
- Volvo Cars develops its own electric motors for its growing lineup of EVs. It previously produced gasoline and hybrid engines but is now transitioning fully to electric powertrains.
- Volvo Group manufactures diesel and electric engines for its trucks, buses, and construction equipment. These engines are built in Sweden, France, and the USA, with a focus on fuel efficiency and alternative energy sources.
Who Is Owner of Volvo?
Ownership of Volvo depends on which division:
- Volvo Cars is 100% owned by Zhejiang Geely Holding Group Co., Ltd., a Chinese company led by billionaire Li Shufu.
- Volvo Group, which includes Volvo Trucks, Volvo Buses, and Volvo Construction Equipment, is a publicly traded company with major shareholders like Industrivärden AB and Cevian Capital. It remains an independent Swedish company.