Volvo

Founded in 1927 in Sweden, the Volvo brand has grown into a globally renowned automobile brand with operations in more than 100 countries. As a luxury car brand owned by the Chinese, Volvo Cars has transformed from a Sweden-centric brand into a truly global enterprise since its acquisition by Geely Holding Group of Zhejiang, China, in 2010.
Headquartered in Gothenburg, Sweden, Volvo Cars has established a comprehensive presence across Europe, the Americas, and Asia Pacific, covering everything from design, R&D, manufacturing, and production to sales and after-sales services, with approximately 43,000 employees worldwide.
Since 2010, Volvo Cars has undergone dramatic changes in China: from a purely sales-oriented operation to a fully functional multinational company integrating sales and marketing, manufacturing, procurement, product development, design, and other supporting functions. It now operates three vehicle manufacturing plants in Chengdu, Daqing, and Taizhou, as well as an R&D center, a design center, and a Greater China sales company in Shanghai. The number of employees in China has grown from 188 in 2010 to approximately 9,000. Volvo Cars has also achieved leapfrog development in China in terms of product sales, sales networks, and supplier systems, making it the core engine of Volvo Cars' global growth.
Since 2014, the Chinese market has been Volvo Cars' largest single market globally. Volvo Cars is also one of the first brands to export Chinese-made luxury cars to European and American markets. Currently, Volvo Cars sells more than ten models in the Chinese market, including pure electric and plug-in hybrid vehicles. Since 2020, all new models launched by Volvo Cars have been pure electric vehicles.
In 2021, Volvo Cars was listed on the Nasdaq Stockholm exchange under the ticker "VOLCAR B". In 2023, Volvo Cars achieved global sales of 708,716 vehicles, with revenue of SEK 399.3 billion and operating profit of SEK 25.6 billion. Among these, sales in Greater China reached 180,234 vehicles.
Upholding the corporate philosophy of "Only love and life are not to be let down—providing hassle-free mobility experiences for all in a personalized, sustainable, and safe way," Volvo Cars is fully advancing its electrification transformation. The strategic goal is to become a pure electric luxury car company by 2030 and to achieve net-zero greenhouse gas emissions by 2040.
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