When did Ford get rid of Volvo?
Ford Motor Company acquired the Swedish automaker Volvo in 1999 for $6.45 billion. However, Ford later sold Volvo to the Chinese automaker Geely in 2010 for $1.8 billion, effectively ending its ownership of the brand.
The Acquisition and Ownership of Volvo by Ford
In the late 1990s, Ford was actively pursuing a strategy of acquiring premium automotive brands to diversify its portfolio and compete with other global automakers. The acquisition of Volvo in 1999 was part of this strategy, as Ford saw Volvo as a well-respected brand with a strong reputation for safety and quality.
Under Ford's ownership, Volvo underwent a significant transformation, with the company investing heavily in new product development and modernizing its manufacturing facilities. Volvo's lineup of vehicles was also expanded to include more SUVs and crossovers, in line with market trends.
Ford's Decision to Sell Volvo
However, the global financial crisis of 2008-2009 put significant financial strain on Ford, and the company began to reevaluate its portfolio of brands. In 2010, Ford announced that it would be selling Volvo to the Chinese automaker Geely for $1.8 billion, a significant discount from the original purchase price.
The decision to sell Volvo was driven by a number of factors, including the need to focus on Ford's core brands, the high costs associated with maintaining Volvo's operations, and the desire to raise cash to invest in other areas of the business.
The Impact of the Sale
The sale of Volvo to Geely was seen as a strategic move by Ford to streamline its operations and focus on its core brands, such as Ford and Lincoln. Since the sale, Volvo has continued to operate as an independent brand, with Geely providing the necessary investment and resources to support the company's growth and development.
Overall, Ford's ownership of Volvo lasted for over a decade, during which time the company made significant investments in the brand and helped to transform it into a more competitive player in the global automotive market. However, the financial pressures of the late 2000s ultimately led Ford to sell Volvo to Geely, marking the end of its ownership of the Swedish automaker.
How long was Volvo owned by Ford?
1999 to 2010
Renowned for their years of leadership in automotive safety, Volvo Cars was purchased by the Ford Motor Company and remained part of their Premier Automotive brands from 1999 to 2010. The automaker is now owned by Geely Automobile, a major automotive brand based in China.
When did Ford sell Jaguar?
Ford owned Jaguar Cars, also buying Land Rover in 2000, until 2008 when it sold both to Tata Motors. Tata created Jaguar Land Rover as a subsidiary holding company.
What years did Ford own Volvo?
Renowned for their years of leadership in automotive safety, Volvo Cars was purchased by the Ford Motor Company and remained part of their Premier Automotive brands from 1999 to 2010. The automaker is now owned by Geely Automobile, a major automotive brand based in China.
Who makes Volvo today?
Geely Automobile
Renowned for their years of leadership in automotive safety, Volvo Cars was purchased by the Ford Motor Company and remained part of their Premier Automotive brands from 1999 to 2010. The automaker is now owned by Geely Automobile, a major automotive brand based in China.
Why did Ford sell Volvo?
Ford put the division up for sale to raise capital in the wake of the Lehman Brothers crisis in 1999, having bought Volvo Cars from its previous parent, Swedish industrial group Volvo AB, which divested its car business to focus on building trucks.
What company owns Volvo now?
Volvo is currently owned by the Zhejiang Geely Holding Group, a company which owns over 15 other vehicle makers. Even with the wide array of brands that they own, the Zhejiang Geely Holding Group pays close attention to the unique aspects of each vehicle, continually working to make them better for drivers worldwide.
Who owned Volvo in 2016?
Who owns Volvo Cars? Volvo Cars is owned by the Chinese conglomerate Zhejiang Geely Holding Group Co., Ltd., commonly known as Geely Holding. Geely is a multinational corporation that owns multiple businesses and brands in the automotive industry, and they took over the Volvo Cars brand in 2010.
Does Volvo still use Ford engines?
Until 2014, Volvo Cars used some engines of its own and others from Ford. Now, however, the Volvo Engine Architecture (VEA) set of engines is found in all Volvo vehicles. This family of three- and four-cylinder engines are entirely designed by the Scandinavian company.
Who all does Ford own?
Ford Motor Company: Ford, Lincoln, Troller. General Motors: Cadillac, GMC, Chevrolet, Holden. Renault-Nissan-Mitsubishi Alliance: Renault, Nissan, Infiniti, Dacia, Datsun, Samsung Renault, Lada, Mitsubishi.
When did Ford stop making Volvo?
2010
On 28 March 2010, Ford sold Volvo Cars at a loss to Geely Holding for $1.8 billion; the deal closed in August 2010. Volvo Cars was publicly listed on the Nasdaq Stockholm stock exchange in 2021, though Geely Holding still retains majority ownership.
