Volvo Car Corporation formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company. In 2010, Volvo Car Corporation was acquired by the Zhejiang Geely Holding Group of China. Part of the growth strategy is to establish China as the company’s second home market.
The Company’s new corporate and brand strategy “Designed Around You” puts people at the centre of all operations in the company. The strategy is a foundation and a guide for the business, the products and the corporate culture.
In 2011, Volvo Car Corporation sold a total of 449,255 cars, an increase of 20.3 per cent compared to 2010. Relative to the strength of the brand, Volvo Car Corporation is a small producer, with a global market share of 1–2 percent. The largest market, the US, represented some 15 per cent of the total sales volume in 2011, followed by Sweden (13%), China (10%), Germany (7%) and the UK (7%).
Apart from the main car production plants in Gothenburg, Sweden and Ghent, Belgium, Volvo Car Corporation has since the 1930s, manufactured engines in Skövde, Sweden, parts in Floby, Sweden since 1957, and body components in Olofström, Sweden since 1969. Volvo Car Corporation also produces one of its models in a plant in Uddevalla, Sweden, a joint venture together with Italian Pininfarina.
In 2006, Volvo Car Corporation commenced manufacturing in Chongqing, China, in a company owned jointly by the Chinese company Changan, Ford and Mazda – Changan Ford Mazda Automobile Corporation Ltd.
With a new corporate strategy, combined with Volvo Cars’ ambitious expansion plans, the aim is to sell 800,000 cars by 2020.