Volvo Cars celebrated the 10-year anniversary of its acquisition by Zhejiang Geely Holding from China last month.
The company has seen a complete transformation of its business under Geely, changing from a purely European firm to a global and strong player in the premium car market, racking up record sales, revenues and profits along the way.
Volvo Cars will build on this firm foundation as it aims to become a leader in electrification, autonomous drive and new mobility models, while forging ever closer cooperation with its sister brands.
In the coming years Volvo Cars aims to establish itself as a leader in electrification and by 2025, it wants half of its global sales volume to consist of fully electric cars, with the rest hybrids.
It also aims to establish millions of direct consumer relationships through new forms of mobility, and it expects to play a leading role in the safe introduction of autonomous drive technologies.
Following its seperation from Ford Motor Company in 2010, Volvo Cars and Geely mapped out a new future for the Swedish brand, based on a few fundamental building blocks: technical independence, a global manufacturing footprint, a strengthened brand identity and arms-length governance by Geely.
Starting in 2014 with the XC90 flagship, the company completely renewed its product portfolio with a range of brand new SUVs, estates and wagons. Its new model portfolio has proven to be a global success, delivering six consecutive sales records and record profits – in 2019, Volvo Cars sold more than 700,000 cars for the first time in its 90+ years of existence.
A rejuvenated Volvo brand and design, focusing on premium proportions and embodying a Scandinvian identity unique in the automotive industry, has also driven the company to new heights and firmly established it as a fully-fledged alternative in the premium segment.
In 2011 Volvo employed 21,500 employees with global sales of 450,000. Now it has 43 employees with global sales of 700,000.
Volvo Cars was founded in 1927.