Volvo

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. more...

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The then auto manufacturer was founded on April 14, 1927 in the city of Gothenburg, as a spin-off from the roller ball bearing maker SKF. Volvo delisted from NASDAQ in June, 2007, but remains listed on the Stockholm exchange.

Volvo means "I roll" in Latin, conjugated from "volvere". The name Volvo was originally registered in May 1911 as a separate company within SKF AB and as a registered trademark with the intention to be used for a special series of ball bearing, but this idea was only used for a short period of time and SKF decided to use "SKF" as the trademark for all its bearing products.

The company AB Volvo had no activities until 10 August, 1926 when the SKF Sales Manager Assar Gabrielsson and Engineer Gustav Larson, after one year of preparations involving the production of ten prototypes, set up the car-manufacturing business Volvo AB within SKF group. Volvo AB was introduced at the Stockholm stock exchange in 1935 and SKF then decided to sell its shares in the company.

The first series produced Volvo automobile, the Volvo ÖV 4, left the factory on 14 April, 1927 which became the official date for the founding of Volvo.

In 1999 Volvo sold its car division to Ford. Repeated reports in the media about Ford selling off its Volvo brand have been refuted by the company.

Volvo Group's history

Volvo was originally started after Asaar Gabrielsson's wife died in an auto accident. He then vowed to produce the safest cars possible. The Volvo Group has its origin in 1927 when the first Volvo car rolled off the production line at the factory in Göteborg. Only 297 cars were built that year. The first truck, the Series 1, debuted in January 1928. 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 Two.

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 January 28th, 1999 Volvo Group sold its business area Volvo Car Corporation to Ford Motor Company for US$6.45 billion. The focus of Volvo Group is now largely set on commercial vehicles. The Group’s position in the area of commercial vehicles was further consolidated with the acquisition of Renault Trucks and Mack Trucks in 2001, and thus the roots branched off to both France and the US. 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.

Read more at Wikipedia.org