Volvo Cars

Not to be confused with Swedish commercial vehicle manufacturerVolvo Group

Owners

In 2010, Volvo Cars was acquired from the American Ford Motor Company by the Chinese company Geely Holding.

Aktivs

As of December 2015, Volvo Cars employed more than 29,000 people worldwide. Volvo Cars headquarters, product development, marketing and administrative functions are concentrated in Gothenburg (Sweden). The head office of Volvo Cars, responsible for development in China, is located in Shanghai (China).

The main production facilities of the company are located in Gothenburg (Sweden), Ghent (Belgium) and Chengdu (China). Volvo engines are manufactured at the factory in Sjövd (Sweden) and Zhangjiakou (China), body components are produced at the factory in Ulofström (Sweden).

Business in Russia

Main article: Volvo Cars Russia

Polestar - brand of electric vehicles

• Polestar is a brand of sports road electric vehicles Volvo Cars Group, positioned as an independent one.

History

2024: Electric vehicle production begins to move from China to Belgium due to expected tariffs on EU deliveries

Volvo Cars AB has begun moving electric vehicle production from China to Belgium as the EU prepares to impose tariffs on Chinese electric vehicles, The Times reported.

In addition to moving production of Volvo EX30 and EX90 models to Belgium, the automaker may also move the assembly of some Volvo models designed for Britain. Volvo, owned by Zhejiang Geely Holding Group Co, is considered the most exposed to potential tariffs among Western automakers, the Times noted.

2023

Laying off 1,300 staff at HQ

On May 4, 2023, Swedish automaker Volvo Cars announced plans to accelerate the current transformation aimed at optimizing costs and using resources more efficiently. The initiative will reduce the number of staff at headquarters by approximately 1,300.

Volvo has outlined clear strategic goals for the future: they, in particular, include an increase in growth rates and a complete transition to electricity by 2030. At the same time, it is planned to constantly reduce total carbon dioxide emissions into the atmosphere. Meeting your goals requires a change in organizational structure and cost optimization. Therefore, the company is forced to cut staff.

Approximately 1,100 employees in Volvo Personvagnar AB's global operations division will be laid off during the restructuring, the official statement said. Volvo has already sent a corresponding notification to the Swedish authorities and trade unions. About 200 more positions for reduction will be determined later. Thus, layoffs will affect a total of approximately 6% of Volvo's staff in Sweden. It is emphasized that jobs on production lines will not fall under this program.

In addition, the company intends to reduce costs and increase the efficiency of its global operations. Volvo will also reduce the number of consultants and reduce the cost of acquiring third-party services.

The industry is rapidly transforming into electrification, software and computing technology. We will continue to invest in the developments and tools needed to ensure safe and sustainable mobility for our customers. Implementing structural changes and improving the efficiency of the entire company will achieve these goals, "said Jim Rowan, chief executive of Volvo Cars.[1]

Volvo data put up for sale on a hacker forum

On January 3, 2023, it became known that an unknown attacker (or a group of cybercriminals) put up for sale on one of the hacker forums confidential data stolen from the automaker Volvo.

According to Cybernews, the Swedish company was the victim of a ransomware attack that was carried out at the end of December 2022. Among the stolen information are access to several Volvo databases, Wi-Fi points and computer system inputs, employee lists, program keys and other confidential information. The attacker decided not to demand a ransom from the automaker, but to immediately put the stolen data up for sale. Moreover, the price is announced at $2,500: this may indicate that in fact for Volvo the leak does not pose a serious threat.

The company was not approached for ransom. Judging by the information available, Volvo currently does not see any impact of this attack on its business or activities, a spokesman for the automaker said.

Cyber ​ ​ Restart attached screenshots of allegedly stolen information to his announcement, which show data on vehicles sold by the company to law enforcement agencies, primarily in Europe.

According to SecurityWeek, by early January 2023, it is not clear who leaked the data - a Volvo employee or a third party. At the same time, one of the users whose name is displayed in the project management system that entered the sold database is indeed an employee of Volvo, judging by his LinkedIn profile, the publication says.

If information about the attack is confirmed, this will be the second hack of the Volvo computer system in less than a year and a half. Then it became known about a hacker invasion, during which a "limited amount" of research property was stolen. Then any details about the incident were not disclosed.^[2]

2022: Moving production of some components from China to other countries

In 2022, the world's largest automakers began to move away from Chinese parts.

The reason for the restructuring of chains was the fear of a break in relations China with the international community.

At the same time, automakers are striving to maintain production in China for the supply of products to the domestic market.

The transfer of production of some components from China to other countries in December 2022 was reported by the head of Volvo Cars Jim Rowan and senior executive director of Mazda Masahiro Moro. Ford and General Motors noted that they have increased the number of components that are produced inside the United States. Honda noted that they are exploring the possibility of reducing risks to the supply chain.

2021

Theft of developments as a result of a cyber attack

On December 10, 2021, the Swedish manufacturer Volvo Cars announced that one of its file storage was subjected to a cyber attack. Hackers managed to steal research and development data, the company warned that hacking could affect the company's activities.

Volvo Cars stressed that the act of hacking does not pose a danger to the personal data of customers and does not affect the safety of their cars in any way. According to an investigation conducted on December 13, 2021, the company knows that a limited part of Volvo Cars research and development was stolen during the hack. After the discovery of unauthorized access, the company's information security specialists took countermeasures, including actions to prevent further attempts to gain access to their property, and notified the relevant authorities.

Despite the fact that the car manufacturer has so far refrained from details, the cybercriminal group Snatch has already claimed responsibility for this attack. As you know, this group is engaged in cyber attacks through system hacks and the introduction of ransomware viruses. The script is injected into the firmware of NAS devices and receives the payload from the command server using the address generation algorithm. Next, the program blocks the operation of the built-in antivirus, disables the system software update mechanism (software) and makes changes to some legitimate system processes.

The company did not disclose any details about the nature of the incident, exactly what data was taken, or from which Volvo Cars office or system were stolen. The company's manufacturing facilities are located around the world, including in Belgium, China and the United States. The company also has three research and development centers in Germany, the United States and China, one of which, according to experts, was the target of this hacker attack. According to official information from Volvo Cars, the hacking investigation and verification are ongoing, later it will become known about the full amount of information that could fall into the hands of the hackers.^[3]

Investing in the augmented reality glass developer Spectralics

In late November 2021, Swedish automaker Volvo Cars invested in Israeli startup Spectralics optics and imaging through its Volvo Cars Tech Fund venture capital investment unit. Financial terms of the transaction are not disclosed. It is known that Volvo will use Spectralics developments to create windshields with. augmented reality More details. here

Going public

On October 29, 2021, trading in Volvo Cars shares began on the Stockholm Stock Exchange. When the market opened, the automaker's quotes rose by almost 10% relative to the price set for the IPO. The company was able to raise 20 billion Swedish crowns ($2.3 billion) by placing shares at a price of 53 crowns. Thus, the company, owned by the Chinese Zhejiang Geely Holding Group Co., was valued at 158 billion kronor ($18.17 billion).

The price per share under the listing was set at $6.21, which corresponds to the lower bound of the range announced by the company in early October 2021 from $6.21 to $7.97 per share in anticipation of the initial offering of shares (IPO). A successful deal and results in the secondary market is a boost for the European auto industry, which is making a difficult transition to electric vehicles, investors say.

The funds raised during the IPO will be used by Volvo to finance the implementation of its strategy, the company said. By 2030, Volvo plans to produce only electric vehicles and expects to achieve carbon neutrality of its operations by 2040.

Our industry is changing and we are committed to leading this transformation. That is why Volvo Cars has an ambitious strategy to become fully electric by 2030. Today's listing will help us achieve this goal, "said Volvo Cars CEO Hakan Samuelsson.

According to Reuters, the COVID-19 coronavirus pandemic has brought six-month losses to the Swedish manufacturer. As a result, Volvo Cars revenue amounted to $31 billion, 662 thousand cars were sold. Earlier, the Chinese holding considered the option of merging Geely Automobile and Volvo Cars, but in February 2021 this plan was rejected.^[4]

Create a company to create a car OS

At the end of March 2021, Swedish automaker Volvo Cars formed a joint venture with ECARX, a startup in the field of intelligent automotive technologies. The new company Volvo ECARX will develop an automotive operating system. Read more here.

2020: Investment in blockchain company to control supply of battery components for electric vehicles

On July 8, 2020, Volvo Cars announced its investment through its Volvo Cars Tech Fund in blockchain company Circuit. The startup's innovative solutions will allow the automaker to improve the traceability of materials used in electric vehicle batteries, including cobalt. Read more here.

2019

Reducing the maximum speed of cars to 180 km/h

On March 4, 2019, Volvo officially announced its intention to reduce the top speed of its cars to 180 km/h. The move was part of the Vision 2020 program , in which the Swedish automaker aims for zero deaths in road accidents involving its cars.

Starting in 2020, all new Volvo cars will be equipped with a limiter that will prevent them from driving faster than 180 km/h, according to a press release.

Limiting the maximum speed in a car is not a panacea, but we consider it a necessary measure - even for the sake of saving one single life, - said the president and CEO of Volvo Cars Hokan Samuelsson.

Volvo believes that the car safety systems and well-thought-out road infrastructure existing by March 2019 are not able to prevent fatal accidents after a certain speeding.

The concern noted that according to the study, three main factors were identified that negatively affect road safety: speeding, drunk driving and inattention at the wheel.

The press release also cites data from the U.S. National Highway Traffic Safety Administration that estimated 25% of all road accidents in the United States in 2017 were caused by speeding.

In addition to limiting the maximum speed in its cars, the company is also studying the joint work of smart speed control and geosoning technology and their potential in the issue of automatic speed limitation near schools and hospitals.

Volvo intends to initiate a discussion about the right of automakers to equip cars with technologies that could limit speed depending on the behavior of those driving - in particular, we are talking about drunk drivers and inattentive driving.^[5]

All Volvo cars will stop themselves if the driver is drunk

On March 20, 2019, Volvo announced plans to install intoxication analyzers in all of its cars. This initiative has become part of an ambitious strategy in which the Swedish manufacturer wants to completely eliminate fatal accidents involving its cars.

Starting in 2020, all Volvo cars designed on the new SPA2 platform will be equipped with special sensors and cameras that monitor the condition and behavior of the driver. If they recognize alcohol intoxication, then the electronics will limit the speed of the vehicle, slow down or completely stop it in a safe place, depending on the situation. In some cases, the system will even notify emergency services of possible danger through the Volvo on Call service.

Sensors and cameras will monitor the expression and reaction of the driver's pupils. They will react to the fact that the driver does not drive a car for a long time, fell asleep, is distracted from the road or drunk.

The system is activated in the absence of reactions from the driver to the behavior of the car, driving outside the roadway, being behind the wheel with your eyes closed for a long time, as well as extreme wagging from lane to lane or slow reactions to a road situation.

Volvo did not specify how many such cameras and sensors are supposed to be installed and where they will be located.

The fundamental principle of everything we do at Volvo Cars was and will be security, - stated on the company's website in the description of the Vision 2020 strategy.

Henrik Green, senior vice president of research and development at Volvo Cars, said the company's goal is not just to minimize the negative consequences of the accident, but to completely protect the driver and passengers from it.^[6]

2018

Volvo pumps cars with a simple software update

In August 2018, Volvo offered its customers a new option - a firmware update to improve the dynamic performance of cars. The Swedish company entrusted the development of software to its "daughter" - Polestar.

Polestar has created a new firmware for the control electronics of Volvo all-wheel drive cars, which gives them a more rear-wheel drive nature of handling. The update allows you to transfer more torque to the rear axle, which, according to Volvo, gives drivers more emotions and pleasure from driving a car.

In addition, software refinement reduces the engine response time to the gas pedal, adapts gear shifting to fast driving, and increases handling and grip when turning.

To achieve this in the 1990s, automakers would have to make big adjustments to automotive equipment, and in 2018 this can be done electronically, Digital Trends notes.

Software acceleration of Volvo cars is possible only in Dynamic mode or with the stabilization system (ESC) turned off. The feature is not available on all Volvo models.

You can flash the KhS40 crossover, as well as families of 60- and 90-series cars with conventional gasoline and diesel engines. The new software is only available for 2019 model year machines built on the CMA and SPA platform. The update is not provided for cars with hybrid power plants T6 and T8 Twin Engine , because they are already powerful - they produce 340 and 407 horsepower, respectively.

The cost of the new option varies by country. For example, in Britain it is offered for £830.

The technology, which allows for more rear-wheel drive handling, was previously implemented by BMW in xDrive transmission models.^[7]

Installing Google Assistant, Google Play Store and Google Maps

On May 7, 2018, Volvo Cars announced support for services Google in its. cars With this integration, drivers and passengers using controlled devices operating system Android will have access to the advanced feature set.

Volvo will add Google Assistant's next generation voice assistant, Google Play Store, Google Maps and some other services to its Sensus car infotainment system. The multimedia complex itself is based on Android.

Thanks to Google Assistant, drivers, using voice commands, will be able to control electronics in the car in the cabin, including a climate control system, communications and a music system.

Google Maps will provide up-to-date maps and information about the situation on the expensive in real time, inform about the traffic situation on the route along the given route, as well as offer detour routes, if necessary.

Using the Android OS means motorists will be able to get updates for Google apps and services in real time - much like traditional smartphones do.

According to Henrik Green, Senior Vice President of Research and Development at Volvo, thanks to a collaboration with Google, Volvo car owners will have access to thousands of automotive applications "that will make their lives easier, driving a machine is more pleasant."

The launch of Google services in Volvo cars was part of a strategic collaboration that the companies announced in 2017. The Android platform, Google services and the relationship of the American company with software developers will help Volvo improve the quality of cars, Green is sure.^[8]

2017

Sale of 571 thousand cars and revenue growth of 16.6% due to record demand in China

Operating profit growth was 27.7% and reached a record 14.1 billion SEK compared to 11 billion SEK in 2016. This level was achieved thanks to global sales of 571,577 cars.

The company's revenues rose 16.6% to SEK 210.9 billion, compared to the 2016 figure of 180.9 billion. Operating profit margin ratio rose from 6.1% in 2016 to 6.7% in 2017.

Global sales rose 7%. This was made possible by record high demand in China, the largest market for Volvo Cars, where sales increased by 25.8% compared to 2016.

Start of public testing of unmanned SUVs Volvo XC90

In December 2017, Volvo launched the Driver Me self-driving car public testing project.

Some residents of Swedish Gothenburg began to receive at their disposal Volvo XC90 SUVs equipped with an autopilot system. Drivers taking part in testing should leave feedback on the daily use of robomobiles. Volvo engineers will customize algorithms for the main systems and improve unmanned control functions.

The cars that Volvo began distributing to families in Gothenburg are equipped with the Swedish company's latest technology at the time of the experiment. In particular, we are talking about systems capable of analyzing the driver's behavior and the situation inside and around the car using video cameras and special sensors.

At the first stage of testing, drivers participating in the project cannot drive a self-driving vehicle without holding their hands on the steering wheel. In the future, it is planned to complicate the experiment by opening access to functions that do not require human control.

By December 2017, two families are participating in Drive Me. Three more will join her in 2018.

Volvo plans to attract about 100 people to the Driver Me program by 2021. By this time, the automaker is clearing to launch a car on the market that can drive without human participation.

The company claims that none of the tested technologies will go beyond the experiment if the slightest doubts remain about its safety. 

Drive Me is an important Volvo Cars research project, says senior vice president of R&D Henrik Green. - We expect to receive a lot of important data from families participating in it, and we will use their experience to improve unmanned technology.

Sale of 24 thousand self-driving cars to Uber

On November 20, 2017, Uber announced the acquisition of up to 24 thousand self-driving cars Volvo  Cars Group, thereby marking its transition from the format of a mobile-only application for calling a taxi to the operator of its own fleet. Read more here.

Plan for equipping electric motors with the entire model line from 2019

In July 2017, Volvo Cars announced the electrification of the entire model line. Starting in 2019, each car produced by the Swedish company will be equipped with an electric motor. This decision marks the end of the era of cars exclusively with internal combustion engines (ICEs). Electrification is becoming the backbone of Volvo Cars' future business.

Such a statement is one of the most significant steps for any automaker. More than a century has passed since the invention of the internal combustion engine - and today electrification opens a new chapter in the history of the automotive industry.

The company's lineup will include all-electric models, plug-in hybrids and moderate (so-called soft) hybrid cars.

Five electric vehicles are planned between 2019 and 2021. Three of these will be branded under the Volvo brand, while two high-performance electrified models will be launched by Polestar, the tuning arm of Volvo Cars. Detailed information about the new products will be announced later.

These five electric vehicles will be complemented by a range of petrol and diesel rechargeable hybrids (Plug in hybrid) and 48-volt plug-in (soft) hybrids. At the moment, this is the widest range of electrified cars on the market.

The decision highlights Volvo Cars' commitment to minimize environmental impacts and make cities of the future cleaner. The company is working to reduce carbon dioxide emissions and Volvo Cars plans to have climate neutral production by 2025.

Shortly before the decision to electrify the brand, Volvo Cars announced the separation of its Polestar tuning division into a new separate international company producing powerful electric vehicles. Volvo Car Group senior vice president of design Thomas Ingenlath will take over as CEO of Polestar.

Kangaroo recognition issues with self-driving cars

In June 2017, the developers of the self-driving system of the Swedish automaker Volvo Cars faced a problem in Australia. Kangaroos, some of the continent's most popular animals, were found to be baffled by the car's software, which is responsible for recognising beasts on the road.

We noticed that in the jump, while the kangaroos are in the air, they seem a little further away, and when they land, they are a little closer, "said David Picketts, chief engineer of the Australian division of Volvo Australia, in an interview with ABC.[9]

As a result, Volvo's Large Animal Detection system, which recognizes large animals on the road, is knocked down and cannot estimate the distance between the kangaroo and the car.

Also, difficulties arose in order to teach the system to recognize kangaroos, since this animal can look different.

If you look at a kangaroo that sits next to the road, stands on the side of the road and moves, then the silhouette of the animal in each case will differ, - said Pickets.

For the first time, Volvo tested the system in its homeland, Sweden, teaching it to recognize large animals such as elk and deer. The Volvo research team then travelled to Australia, where they have been working for 18 months, in an attempt to resolve problems related to kangaroo recognition.

The company does not believe that the difficult task can delay the introduction of self-driving cars in the country, although they emphasize that it is very important to resolve the difficulties associated with kangaroos.

According to the Australian National Roads and Motorists' Association (NRMA), more than 16,000 collisions of cars with kangaroos are recorded annually in the country, of which almost 1,000 are in the Australian capital, Canberra.

Collaboration with Google in the development of the Android platform

Volvo Cars announced in May 2017 a collaboration with Google that will result in a new Android-based information product. Access to a wide range of applications and services will appear on new Volvo models over the next two years.

The partnership promises to fundamentally change the format of how Volvo customers interact with their vehicles. An impressive catalog of popular Android apps developed by Google, Volvo or other companies will contain services related to the car and predicting situations both inside and around it.

Volvo Cars' partnership with Google reflects a trend of convergence between the automotive and technology industries as the direction of connected vehicles develops. Volvo believes partnerships like this are the foundation for the future of the entire industry. Using Android as the base operating system will increase speed and flexibility in development and allow customers to personalize their communication with a connected car.

Volvo is also partnering with Google as part of a software update on the latest Volvo models. Thus, the Google Local Search location application will start working with a new version of the Sensus Navigation navigation system.

Agreement with Autoliv to create a Zenuity joint venture for developing software for autopilots

In early 2017, Volvo Cars and automotive safety systems developer Autoliv signed an agreement to form a joint venture, Zenuity, that would develop software for autopilot and driver assistance systems. Read more here.

2016

Set of 400 programmers

At the end of August 2016, Volvo Cars announced plans to increase the staff of software engineers in order to further develop safety technologies, self-driving and electric cars.

According to Volvo's statement on August 30, 2016, the company will hire 400 programmers within a year, which will be one of the largest recruitment in the history of the European auto giant.

Most of the new developers who join Volvo will work at a research and development center in Gothenburg.

Through recruitment, Volvo will strengthen its automotive cluster in Western Sweden and make it a new automotive software development center, Reuters reported, citing a statement from Volvo.

The company also announced the opening of an R&D center in the city of Lund (southern Sweden), which will initially employ 35 people. This facility will begin operation in September 2016.

Volvo is known for creating driver assistance systems. The company aims to ensure that by 2020 its cars stop getting into accidents altogether.^[10]

Carsharing Unit Creation Plan

Automaker Volvo Cars announced in early 2016 plans to create a division that will provide car sharing services. Read more here.

2015:503 thousand cars sold

Volvo Cars sells its cars in approximately 100 countries, sales for 2015 amounted to 503,127 cars.

2010: Ford sells Volvo Cars to China's Geely for $1.8bn

On March 29, 2010, the Chinese company Geely Automobile announced that it had reached an agreement to acquire Volvo Cars from Ford Motor for $1.8 billion. The deal was closed in early August 2010.

1999: Passenger car business sold to Ford for $6.45 billion

In 1999, Volvo decided to sell the passenger division in order to concentrate on commercial transport. Ford considered it profitable to buy a profitable prestigious European automaker, which has proven itself well primarily due to its emphasis on safety. The $6.45 billion deal was announced on January 28, 1999 and completed during the same year.

1959: Development of a three-point seat belt

Notes