Podcast
Questions and Answers
Match the following individuals with their roles in Volvo's history:
Match the following individuals with their roles in Volvo's history:
Assar Gabrielsson = Sales Manager Gustav Larson = Engineer Ford Motor Company = Purchased Volvo's car manufacturing Geely Automobile = Current owner of Volvo Cars
Match the following Volvo car models or features with their descriptions:
Match the following Volvo car models or features with their descriptions:
'Jacob' = First car produced by Volvo Safety = Image associated with Volvo Rough roads = Targeted design feature of Volvo cars Explosion risk = Issue with early Volvo models
Match the following years with significant events in Volvo's history:
Match the following years with significant events in Volvo's history:
1924 = Volvo was founded 1927 = First car built was 'Jacob' 1999 = Volvo sold its car manufacturing to Ford 2010 = Geely acquired Volvo from Ford
Match the following financial actions with the respective companies involved:
Match the following financial actions with the respective companies involved:
Match the following challenges faced by Geely after acquiring Volvo:
Match the following challenges faced by Geely after acquiring Volvo:
Match the following sales figures with their corresponding years for Volvo:
Match the following sales figures with their corresponding years for Volvo:
Match the following technologies or markets with their relevance to Volvo:
Match the following technologies or markets with their relevance to Volvo:
Match the following major milestones with their timelines in Volvo's journey:
Match the following major milestones with their timelines in Volvo's journey:
Flashcards are hidden until you start studying
Study Notes
Volvo's Origins
- Founded in 1924 by Assar Gabrielsson and Gustav Larson in Sweden, originally aimed at producing vehicles suited for harsh conditions.
- First car produced, named "Jacob," launched in 1927, focusing on durability for Sweden's severe winters and rough roads.
- Early models, despite the brand's safety image, faced issues with engine explosions due to proximity to gas tanks.
Growth and Challenges
- By 1945, Volvo gained international recognition but had a high price point that limited accessibility to most consumers.
- In 1999, sold car manufacturing division to Ford Motor Company for $6.45 billion, expecting significant profits which did not materialize.
Transfer to Geely
- In 2010, Ford sold Volvo Cars to Geely Automobile for 1.8billion,alongsideaninvestmentof1.8 billion, alongside an investment of 1.8billion,alongsideaninvestmentof900 million for continued production.
- Geely aimed to leverage Volvo’s technology and build a factory in China capable of producing 300,000 cars annually.
- Toyota's Car sale in China reached 16 million units in 2010, motivating Geely's plans to sell 200,000 to 300,000 Volvo cars yearly.
Initial Challenges in the Chinese Market
- Faced with management struggles due to lack of experience in handling a large company.
- Geely's limited export capabilities hindered its position as a globally recognized car manufacturer.
- Balancing cost reduction with quality standards proved difficult.
Successful Outcomes
- By 2019, Volvo achieved record sales of 705,000 cars, significantly up from 335,000 in 2009, indicating a successful rebound in market performance.
- Geely's sales surged from 329,000 in 2009 to 1,360,000 in 2019, establishing itself firmly in the market.
- Collaboration between Geely and Volvo on electric vehicles led to electric sales making up 27% of Volvo’s total sales volume in 2021.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
