Who Owns Volvo?
Founded in 1927, Volvo was owned by Ford Motor Company from 1999 to 2010 when it was acquired by its current owner, Zhejiang Geely Holding Group.
Written by Pat Roache
Reviewed by Jessica Barrett
Table of Contents
- Who owns Volvo?
- Where are Volvos made?
- A short history of Volvo ownership
- How to save money on Volvo insurance
- FAQs
Load full table of contents
Zhejiang Geely Holding Group acquired Volvo in 2010 after Ford Motor Company decided to sell the car brand as a result of the 2008 global economic crisis.
Founded on the principles of Swedish strength and safety, Volvo has and always will be a major pioneer in the world of luxury cars. From the invention of the three-point safety belt in 1959 to the introduction of its first fully electric SUV in 2019, Volvo is used to changing the game. It’s also no stranger to changing ownership to maintain its presence in the automotive industry.
Want to learn more about who owns Volvo and where the brand’s vehicles are made? Here's your expert history lesson (and expert tips on
car insurance
).
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Who owns Volvo?
The Zhejiang Geely Holding Group has owned Volvo since 2010. Geely Holding acquired the Volvo Car Group from
Ford
Motor Company, which purchased the Swedish car line in 1999.Geely Holding is a Chinese automotive group based out of Hangzhou, Zhejiang. It was founded in 1986 by Chinese Billionaire Li Shufu—who still owns Geely Holding today—and entered the auto industry in 1997. The company’s name is the Chinese word for “auspicious”.
Don’t be surprised if this is your first time hearing about them! The privately-owned company is primarily focused on auto manufacturing in China and Europe. In 2021, Geely was the seventh-largest auto manufacturer in its home country with 1.328 million units sold.
What other makes does Geely Holding own?
While Volvo may be the only recognizable brand name for American buyers, Geely Holding has—well… a hold on 14 Chinese and foreign subsidiary makes throughout Europe and Southeast Asia.
Here’s the full list of car brands owned by Geely Holding:
- Maple
- Farizon
- Lynk & Co
- Lotus
- Volvo Cars
- Polestar
- Proton
- Geometry
- Zeekr
- Zhidou
- London EV Company
- Jidu Auto
- Benelli
Where are Volvos made?
Volvo still does a bulk of manufacturing and administrative work around its original home of Gothenburg, Sweden. However, with changes in the nationality of the brand’s ownership came an expansion of its productions to the US, China, and Belgiumwith 6 main plants across all four countries.
Volvo’s body components are produced in Olofström, Sweden—and have been since 1969. Those components are then sent to the following plant locations to produce their respective North American vehicle models:
- Polestar Plant Chengdu, China: Polestar 1, Polestar 2, Polestar 3
The Polestar Plant is currently under construction in line with Geely’s recent plan to release the electric vehicle line as a standalone brand. While American consumers don’t necessarily have a claim to the Swedish car brand, they may be happy to know that there are additional Volvo research/development and design centers in
Sunnyvale
and Camarillo
, CA. Key Takeaway Despite multiple changes in ownership and nationality, Volvo heavily remains a Swedish-produced brand with additional plants in China, Belgium, and South Carolina, USA.
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A short history of Volvo ownership
You know Volvo started in Gothenburg, Sweden, but did you know it wasn’t always intended to manufacture cars? The original Volvo brand was owned and registered in 1915 by SKF to aid in the manufacturing of the company’s main product focus—ball bearings.
The Volvo ball bearings were never released to the public and the brand’s focus officially changed in 1927 when the first Volvo car rolled off the assembly line. The brand continued to develop as a somewhat independent company—though still under the SKF umbrella—with cabriolet and closed-top vehicles designed for the harsh Swedish climates. The manufacturer entered the American market in 1955 after the release of the smallest Volvo yet—the PV444.
By the 1970s, it became clear that the car manufacturer would become hindered by its small size if it didn’t find a way to expand. This resulted in Volvo becoming an owner itself of the Dutch passenger car brand, DAF. The company then tried to grow through multiple merger attempts—including one with
Saab
and another with Renault—but all failed.Finally, in 1999, the Volvo Group finalized a deal with Ford Motor Company to sell its private automobile faction—now known as Volvo Cars.The make saw immense growth as a part of Ford’s Premier Automotive Group with makes like
Jaguar
and Land Rover
. However, the global economic crisis of 2008 saw Ford put the brand back on the market—bringing us to the Geely Holding acquisition in 2010.How to save money on Volvo insurance
If there’s one thing that Volvo has prided itself on (besides its Swedish heritage), it’s safety.However, no Volvo is completely safe without a solid
car insurance
policy. Here to help you find the best coverage at the best cost—it’s the Jerry
app!Just download the
trustworthy super app
and complete a 45-second sign-up. Jerry will immediately sift through quotes from its network of 50+ providers to find you options that fit your needs at the lowest rates available. Just compare and click—no compromises—and Jerry will help make sure your policy is switched over smoothly and effortlessly.With a team of insurance experts on standby to assist and average savings of over $800, it’s no wonder that Jerry is the #1 rated insurance app in the App Store.
“Jerrywas quick, simple, and saved me a headache searching for the best policy on my brand-new car. I definitely like this service!” —Rich N.
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4.7/5 rating on the App Store | Trusted by 5+ million customers and 7 million cars4.7/5 app rating | Trusted by 5M+ driversFAQs
Is Volvo still owned by Ford?
No. Ford Motor Company purchased Volvo in 1999 but decided to make moves to sell the car brand after the global economic crisis of 2008. In 2010, Volvo was acquired by Zhejiang Geely Holding Group which still owns the brand today.
Are Volvos still made in Sweden?
Since its founding in Gothenburg Sweden, Volvo production has expanded to Belgium, China, and the United States. However, a majority of the brand’s models are still produced in Sweden, including the Volvo XC60, Volvo V90, Volvo V90 Cross Country, and Volvo XC90.
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