Volvo is a Swedish manufacturer of luxury vehicles and a subsidiary of Geely. They manufacture sedans, sport utility vehicles, and station wagons. It was found in 1927 as a subsidiary of SKF in Gothenburg, Sweden. In 1935 SKF sold most of the shares of the company. Since 1999 AB Volvo and Volvo Cars are independent, as Volvo Cars were sold to Ford Motor Company. It was owned mostly from Geely Holding Group. Volvo logo is shared between the AB Volvo and Volvo Cars.
The main target markets for Volvo Cars are Sweden, the USA, Europe, and China. The primary goal for the company is to ensure safety to its customers. Volvo OV 4 was the first car introduced in 1927. To adjust to the Swedish weather new cabriolets and closed tops were created. In 1944 PV444, the smallest Volvo at that moment was introduced and became the primary vehicle in production in 1947. In 1963 the first plant outside of Sweden was opened in Canada. In 1964 is opened another plan in Sweden, which nowadays is the largest one. In 1989 another plant was opened in Sweden with a joint venture between Pininfarina Sverige AB and Volvo Car Corporation because of the insecurities about the surviving of the brand due to its size of the CEO at that moment.
In 1993 a cooperation deal with Renault was stopped from Volvo's shareholders. In the 1970s Volvo got a passenger car from DAF and marketed as Volvo. The car became the best selling car of the decade in the UK with around 110 000 cars sold solely in 1986. After that, the competitors who entered the market became a severe obstacle for Volvo, and they lost a significant market share which never fully recovered. In 2000 Volvo sold their production facilities to Ford for 6.45 billion dollars and bought 5% shares from Mitsubishi Motors. In 2001 Volvo sold the stock they bought back to Mitsubishi Heavy Industries. The Volvos did not sell well even after introducing several models through the years and resulted even in losses for Ford, but they decided to keep the brand. However, they changed the production strategy, and new luxurious vehicles were introduced. In 2010 Zhejiang Geely Holding Group take over Volvo for 1.5 billion dollars, a price far lowered than the initial demanded one of 6 billion from Ford, but still became the largest acquisition overseas from a Chinese automaker. In 2016 a little more over 60% of the company's employees were settled in Sweden. The management was changed, and the production of smaller engines of 3 and four cylinders has begun. A new platform was designed, and the 90 series were introduced. The sales have risen enormously with approximately 50%. More than half a million cars were sold in 2015, the most significant record in Volvo's whole history.
In 2019 it is expected that Volvo will become the first car manufacturer to remain with a production of only electric and hybrid cars. In 2016 Uber and Volvo agreed to cooperate in developing self-driving vehicles. In 2017 Uber announced that they would buy around 24 000 of those cars in the following years, and Care by Volvo is introduced. It is a subscription which provides the opportunity to get Volvo XC40 for a monthly fee, which includes maintenance and insurance. It is offered in the USA, UK, Germany, and Italy.
In 1944 three-point safety belt and laminated glass are set in the PV model and adapted in every model since 1959. It was offered for free to other manufacturers as well. In 1964 a rear facing seat for children was introduced. In 1994 Volvo was the first to introduce side airbags and begun to install them on the following models. In 1998 with a head-protecting airbag was done the same. Based on analysis this bag was announced to reduce the risk of brain injury with 55% and from death with 40%. To ensure even a greater safety WHIPS is also introduced. Since 2004 all the vehicles had integrated camera to make more visible the blind spot. Sensors against theft were inserted and ACC. Volvo's S80 became one of the safest cars according to IIHS. Many models such as XC60, S80, C30, XC60, and XC90 had received Top Safety Picks label in the relevant tests with some of them such as S60, XC90, S80, and XC60 rated even with plus. All the tested models had received five stars for safety and those from the second generation had received the best results among all the cars ever tested from EuroNCAP.