[edit]History
The Volvo Group has its origin in 1927 when the first Volvo car rolled off the production line at the factory in Gothenburg.[6] Only 280 cars were built that year.[7] The first truck, the "Series 1", debuted in January 1928, as an immediate success and attracted attention outside the country.[8] In 1930, Volvo sold 639 cars,[7] and the export of trucks to Europe started soon after; the cars did not become well-known outside Sweden until after World War II.[7]
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, named B1, was launched in 1934, and aircraft engines were added to the growing range of products at the beginning of the 1940s.
On 28 January 1999 Volvo Group sold its business area Volvo Car Corporation to the Ford Motor Company for US$6.45 billion, with the resulting group now largely set on commercial vehicles. On 2 January 2001,Renault Véhicules Industriels (which included Mack Trucks, but not Renault's stake in Irisbus) was sold to Volvo, which renamed it Renault Trucks in 2002. As a result, former mother company Renault is AB Volvo's biggest shareholder with a 20% stake (in shares and voting rights).
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. In 2006, AB Volvo acquired fromNissan Motor Co Ltd, 13% of the shares in the Japanese truck manufacturer UD Trucks former Nissan Diesel, and became major shareholder. In 2007 the Volvo Group took complete ownership of Nissan Diesel to extend its expansion in the Asian pacific market.[3][9]
[edit]Business areas
Volvo Group's businesses are conducted in several companies - among them these subsidiaries:
- Volvo Trucks (midsize-duty trucks for regional transportation and heavy-duty trucks for long distance transportation, as well as heavy-duty trucks for the construction work segment)
- Mack Trucks (light-duty trucks for close distribution and heavy-duty trucks for long distance transportation)
- Renault Trucks (heavy-duty trucks for regional transportations and heavy-duty trucks for the construction work segment)
- UD Trucks (midsize-duty trucks)
- Volvo Construction Equipment (construction machines) (previously Volvo BM, see also AB Bolinder-Munktell)
- Volvo Buses (complete buses and bus chassis for city traffic, line traffic and tourist traffic)
- Volvo Penta (marine engine systems for leisure boats and commercial shipping, diesel engines and drive systems for industrial applications)
- Volvo Aero (high-tech components for aircraft and rocket engines as well as services for the aircraft industry)
- Volvo Financial Services (customer financing, inter-group banking, as real estate administration)
Volvo Group's purchase of Renault Trucks and Mack Trucks in 2001 created Europe's largest and the world's second largest producer of heavy trucks with a broad product program. Mack is one of the most well known truck brands in North America while Renault Trucks holds a special position in Southern Europe.[citation needed] The Japanese UD Trucks marketing a wide range of light, medium and heavy-duty vehicles as well as buses and bus chassis, engines, vehicle components and special-purpose vehicles.
Prevost Car, owned by Volvo Bus Corporation, is the leading North American manufacturer of premium touring coaches and bus shells for high-end motorhomes and specialty conversions. Nova Bus, part of Prevost, stands as a North American leader in the design, production and marketing of urban transit buses.
Beside this the group consists of several business units:
- Volvo Parts (Spare parts, maintain services for support to the aftermarket within Volvo Group's companies)
- Volvo Information Technology (IT services, develop new technology and business solutions for Volvo Group's companies)
- Volvo Powertrain (Responsible to Volvo Group's development of diesel engines, transmissions, and axles)
- Volvo 3P (Responsible for product planning, product development, and for purchasing to all Volvo Group's truck businesses)
- Volvo Logistics (Plans and hands logistic solutions for the metal and air-related industry worldwide)
- Volvo Technology Transfer (Develop and support new businesses with relevance for Volvo Group's companies)
- Volvo Business Services (Maintain cost effective and high quality services within financial administration for Volvo Group's companies)
- Volvo Treasury (Manage Volvo's cash flow)
- Volvo Event Management, which coordinates sponsorship activities including the Volvo Ocean Race
Previously Volvo Group consisted of also of these businesses subsidiaries:
Volvo Group also had several associated companies from 1981 to 1997, which themselves were corporate groups:
[edit]Trademark
Volvo Trademark Holding AB is equally owned by AB Volvo and Volvo Car Corporation.[10]
The main activity of the company is to own, maintain, protect and preserve the Volvo trademarks (including Volvo, the Volvo device marks (grille slash & iron mark) Volvo Aero and Volvo Penta) on behalf of its owners and to license these rights to its owners. The day-to-day work is focused upon maintaining the global portfolio of trademark registrations and to extend sufficiently the scope of the registered protection for the Volvo trademarks.
The main business is also to act against unauthorised registration and use (including counterfeiting) of trademarks identical or similar to the Volvo trademarks on a global basis.[11]
[edit]The Volvo brand
The brand's[12] promotional strategies include the sailing race Volvo Ocean Race, [1] formerly known as the Whitbread Around the World Race. Volvo likes to encourage its affluent image by sponsoring golf tournaments all over the world including major championship events called the Volvo Masters and Volvo China Open.
Volvo sponsored the Volvo Ocean Race, the world's leading round-the-world yacht race for the first time in 2001–2002. Volvo has also had a long-standing commitment to the ISAF and is involved in the Volvo/ISAF World Youth Sailing Championships since 1997.
Volvo sponsors many polo matches in the town of Easthampton at the arrival of the summer season. The prince of Saudi Arabia often attends matches with his world-class horses.
Volvo Group also sponsored the Show Jumping World Cup from its inception in 1979 until 1999. The company also sponsors culture, e g The Göteborg Opera[13] and The Gothenburg Symphony Orchestra.[14][15][16]
[edit]See also
[edit]References
