Volvo is a Swedish manufacturing company and its range of products include trucks, busses, industrial and marine power systems and construction equipment. Its subsidiaries include Volvo Buses, Volvo Trucks, Mack Trucks, Renault Trucks, Volvo Penta and Volvo construction equipment. Volvo has SEK 303.6 billion in revenue as on 2012 and employs 98,717 in their operations around the world.
Founded in 1927 by SKF the company is headquartered at Gothenburg, Sweden and its primary operations involve production, distribution and marketing of busses trucks and construction equipment. It was previously a subsidiary of ball bearing manufacturers named AB SKF but founded itself in 1927 only when the first of its car the Volvo OV series came out of its assembly line. The car was called as Jakob affectionately.
The name Volovo is related to ball bearing and it the company became a separate entity after it was registered in 1911 within SKF AB. SKF is a world renowned name in ball bearing. It was decided to build a Swedish car in the year 1924 by Gustav Larson, an engineer and Assar Gabrielsson the SKF sales manager. The car was primarily meant to tackle the rough roads of Sweden and colder temperatures. The company’s Volvo car division was sold to Ford Motor Company in 1999 for $6.45 billion and the trademark name Volvo was used by Ford in cars and AB Volvo in heavy vehicles. The company was introduced to Stockholm stock exchange where SKF sold its shares of the company. The company is delisted from NASDAQ from 2007 but is still with Stockholm stock market. Volvo Cars were sold to Geely Automobiles in China in August 2010 by Ford for $1.8 billion.
The vehicles brands marketed by Volvo included Volvo trucks, Volvo Buses, Renault Trucks, UD Trucks, Prevost, Volvo Penta, Nova Bus, Volvo Rents and Eicher (an Indian joint venture). Volvo Car Corporation was sold by Volvo Group to Ford Motor Company in 2000 and became part of the Premier Automotive Group formed by the parent company comprising of Jaguar, Aston Martin and Land Rover. The Volvo engineering components and other resourced were used in the various Land Rover, Aston Martin and Jaguar products. The Land Rover Freelander was designed on the platform where the second generation Volvo S80 was developed. Petrol engine designed by Volvo the T5 was utilized in the Ford Focus ST and the RS performance cars. Aston Martin Vanquish and VS Vantage cars were equipped with the Satellite navigation system of Volvo.
Ford Motors sold Aston Martin in 2007 and Jaguar Land Rover in 2008 and followed it by the sale of Volvo Car Corporation to the Chinese auto manufacturer Geely Automobiles. Volvo trucks and busses are very popular transporting medium around the world. The Volvo B7RLE busses are part of the public transport system in several metros in the world including Chennai, TN, India. The current models of Volvo cars include Volvo C70, Volvo V40 and Volvo xc in small cars, Volvo XC90 in large cars and a large number of concept cars starting from 1933.