Key Stats
- Geely Sweden Holdings AB owns approximately 78.65% of Volvo Cars shares and voting rights as of 2025.
- Volvo Cars achieved record revenue of SEK 400.2 billion ($36.5 billion) in 2024.
- The company sold a record 763,389 vehicles globally in 2024, with 46% being electrified models.
- Volvo Cars employs approximately 42,600 people across production facilities in Sweden, Belgium, China, and the United States.
Volvo Cars is owned by Zhejiang Geely Holding Group, a Chinese automotive conglomerate that acquired the Swedish automaker from Ford Motor Company in 2010 for $1.8 billion. Geely Sweden Holdings AB, an indirect subsidiary of Geely, currently holds approximately 78.65% of Volvo Cars shares.
The Swedish premium automaker has maintained its headquarters in Gothenburg while expanding globally under Chinese ownership. In 2024, Volvo Cars reported its strongest financial performance in the company’s 98-year history, with record revenue exceeding SEK 400 billion. The company continues pursuing an ambitious electrification strategy, with fully electric and plug-in hybrid models accounting for 46% of total sales. Håkan Samuelsson returned as CEO in April 2025 to lead the company through industry transformation and intensifying competition.
Who Owns Volvo?
Zhejiang Geely Holding Group Co., Ltd. is the primary owner of Volvo Cars. The Chinese automotive giant acquired the Swedish automaker in August 2010, marking the largest overseas acquisition by a Chinese car manufacturer at that time.
Geely Holding Group Control
Through its subsidiary Geely Sweden Holdings AB, the Chinese conglomerate maintains approximately 78.65% of Volvo Cars shares and voting rights as of January 2025 (Volvo Cars Investor Relations). This controlling stake gives Li Shufu, founder and chairman of Geely, significant influence over the company’s strategic direction.
Public Listing and Independent Operations
Volvo Cars became a publicly traded company on the Nasdaq Stockholm exchange in October 2021, with shares trading under the ticker VOLCAR B. Despite the public offering, Geely retained majority ownership and continues to guide the company’s transformation toward electric mobility. The automaker operates independently with its own management team while benefiting from Geely’s financial resources and expanded market access in China.
Largest Shareholders of Volvo
The ownership structure of Volvo Cars reflects a combination of majority Chinese ownership and diverse institutional investors who participated in the 2021 initial public offering.
Geely Sweden Holdings AB
As the dominant shareholder, Geely Sweden Holdings AB controls approximately 78.65% of Volvo Cars shares and voting rights. This substantial stake ensures that Li Shufu and the broader Geely Holding Group maintain considerable influence over corporate strategy, product development, and market expansion plans. The relationship between Geely and Volvo Cars has facilitated significant investment in electric vehicle technology and autonomous driving capabilities.
Institutional Investors
Several major institutional shareholders hold stakes in Volvo Cars following the 2021 IPO. AMF Fonder AB, a Swedish investment firm, owns approximately 107 million shares. The firm maintains a long-standing presence in the financial industry and focuses on delivering value-oriented investments.
Folksam AB, one of Sweden’s largest insurance and pension companies, has also invested in Volvo Cars. The company provides financial security solutions to millions of Swedish customers and has diversified its portfolio to include premium automotive holdings.
Alecta Pension Insurance Mutual
Alecta represents another significant institutional investor in Volvo Cars. As one of the largest pension insurance providers in Sweden, Alecta manages retirement savings for millions of people and has allocated investments across various sectors, including the automotive industry. These institutional investors provide stability to Volvo Cars shareholder base alongside Geely’s controlling interest.
Volvo Cars Ownership Distribution
Who Is on the Board of Directors for Volvo Cars?
The Board of Directors for Volvo Car AB consists of 14 members, including three employee representatives. The board oversees corporate governance, strategic planning, and executive management.
Chairman and Geely Representatives
Eric Li, known as Li Shufu, has served as Chairman since 2010. As founder and chairman of Geely Holding Group, he guides the company’s long-term vision. Daniel Li serves as a board member and CEO at Zhejiang Geely Holding Group.
Executive Leadership
Håkan Samuelsson was appointed CEO and President in April 2025, returning to lead the company after previously serving from 2012 to 2022. His experience includes executive positions at MAN AG and Scania Group.
Independent Directors with Technology Expertise
Lila Tretikov brings technology leadership experience, having served as CEO of Wikimedia Foundation. Her background contributes to understanding digital transformation strategies that competitors like BMW Group and Mercedes-Benz Group are also pursuing.
Finance and Strategy Directors
Jonas Samuelson has served on the board since 2020, contributing expertise in corporate strategy. Lone Fønss Schrøder brings corporate leadership experience, while Ruby Lu provides insights as a venture capitalist with investments across China and the United States.
Operations and Industry Directors
Diarmuid O’Connell contributes advisory experience from financial corporations. Anna Mossberg adds marketing expertise from Google Sweden and other technology companies. Employee representatives Jörgen Olsson, Adrian Avdullahu, and Björn Olsson ensure workforce perspectives are represented.
History of Volvo Co-founders
Volvo was founded in 1927 in Gothenburg, Sweden, by Assar Gabrielsson and Gustaf Larson. Their partnership combined business acumen with engineering expertise to create an automotive brand synonymous with safety and reliability.
Assar Gabrielsson: The Business Strategist
Assar Gabrielsson, born August 13, 1891, earned a degree in economics from the Stockholm School of Economics. He built his career at SKF, the Swedish ball-bearing manufacturer, where his time managing the Paris subsidiary convinced him that Sweden could support domestic automobile production. Gabrielsson provided the financial backing, investing his personal savings to fund initial prototype development.
Gustaf Larson: The Engineering Mind
Gustaf Larson, born July 8, 1887, was a mechanical engineer trained at White and Poppe in Coventry, England. He established Volvo’s first design office in his Stockholm apartment. The two founders made a verbal agreement in August 1924 at the Sturehof restaurant to pursue Swedish car manufacturing. Their first production car, the ÖV 4 nicknamed Jakob, rolled off the assembly line on April 14, 1927. The company structure resembled approaches later adopted by Volkswagen Group and Toyota Group.
Volvo Cars Annual Revenue (SEK Billion)
Source: Volvo Cars Annual Reports (Volvo Cars Press Release)
FAQs
Who is the current owner of Volvo Cars?
Zhejiang Geely Holding Group owns Volvo Cars through its subsidiary Geely Sweden Holdings AB, which controls approximately 78.65% of shares and voting rights since acquiring the company from Ford in 2010.
Is Volvo still a Swedish company?
Volvo Cars maintains its headquarters, design center, and primary research facilities in Gothenburg, Sweden, preserving its Swedish heritage despite Chinese ownership by Geely Holding Group.
What is the difference between Volvo Cars and Volvo Group?
Volvo Cars manufactures passenger vehicles and is owned by Geely, while Volvo Group produces trucks, buses, and construction equipment as a separate publicly traded Swedish company.
Who are Volvo Cars main competitors?
Volvo Cars competes with premium automakers including Mercedes-Benz, BMW, and Audi in the luxury vehicle segment, while Caterpillar competes with Volvo Group in construction equipment.
When did Geely acquire Volvo?
Geely Holding Group acquired Volvo Cars from Ford Motor Company in August 2010 for $1.8 billion, representing the largest overseas acquisition by a Chinese automaker at that time.
