Volvo Rolls Along
The Volvo Group as practically anyone who deals with cars know is a Swedish company. The name Volvo itself is actually Latin meaning “I roll”. The company has moved along with the times and continues to grow. While it has made significant changes that familiar Volvo sign and the diagonal across the front of the car continues to identify the company.
The company was incorporated in 1915 as a subsidiary of AB SKF, which was a Swedish manufacturer of ball bearings. The founders of Volvo, Assar Gabrielsson and Gustaf Larson began producing cars in 1927. Due to Sweden’s often harsh weather condition and rough roads at the time, the cars made had to be durable. This emphasis has been carried out until today and Volvo cars in particular have been synonymous with safety.
Then the company started making trucks in 1928 which was widely accepted by the market and a success. It also began manufacturing marine engines. Then it diversified further by producing aircraft engines in the 1940s.
Over the years Volvo grew. Looking ahead into the future the company, Volvo Group, decided that it would no longer engage in the manufacturing of cars. Considering that cars where the first thing this company ever made this was a monumental change. Volvo Car Corporation was sold to Ford Motors in 1999 for $6.45 billion.
This major decision has been justified since Ford Motors sold Volvo Cars to Zhejiang Geely Holding Group in 2010 at a much reduced price of $1.8 billion. Volvo Cars just couldn’t turn in the desired profits.
Volvo Group continues to roll focusing on trucks, buses and coaches, construction equipment, marine power, aerospace, and other business. It remains a profitable company with over 100,000 employees and operating in 180 countries.