Volvo's electrification strategy marked a new era for the company in more ways than one. Shortly after unveiling its future as an electric carmaker, Volvo completed an initial public offering (IPO). However, while the company is now publicly traded on the Nasdaq Stockholm stock exchange, it's still part of Geely Holding. The large Chinese automaker bought Volvo from Ford (F +0.78%) in 2010 and continues to own a majority stake in the company.
Here's a closer look at the automotive company that now owns Volvo. We'll also examine the company's board of directors and learn how to invest money in Volvo.
Who is the owner of Volvo?
Volvo Cars spent most of its existence as part of the manufacturing conglomerate AB Volvo. However, the manufacturer of heavy trucks, buses, and construction equipment sold its auto business to Ford in 1999 for about $6.5 billion.
The American automaker owned the brand for over a decade. However, it ran into financial trouble during the 2007–09 financial crisis. That forced Ford to sell off several auto brands, including Volvo to Chinese automaker Zhejiang Geely Holding Group (GELYF -6.99%) in 2010. Ford took big losses on those sales (it unloaded Volvo for $1.8 billion).
Founded by Li Shufu, Geely Holding is a Chinese multinational corporation mainly focused on the auto industry. The company owns several auto brands, including Lotus, Geely Auto, and Polestar (PSNY -2.33%). In recent years, it has increasingly focused on electrification.
