Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exited Exit Completed
Volvo Cars is a Swedish multinational manufacturer of luxury vehicles headquartered in Torslanda, Gothenburg. The company manufactures SUVs, station wagons, and sedans. The company's main marketing arguments are safety and its Swedish heritage and design. Parent organizations: Geely, Volvo Personvagnar Holding AB, Volvo Car. In February 2020, Volvo and Geely announced that they had started formal discussions about a merger of business. Geely had owned 100% of Volvo, but Volvo Cars had largely been allowed autonomy with its resources. These merger talks were later halted, and 18% of Volvo Cars shares were listed on the Nasdaq Stockholm stock exchange in October 2021.
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exited Exit CompletedAutomaker Volvo Group will reduce employees in the Russian Federation during the year. The company produced trucks at the plant in Kaluga, which is currently idle. 30/08/2022: Ferronordic and Volvo CE agree to terminate dealer agreement for Russia.
Suspend all shipments to Russia. On December 8, 2022 the agreement on the sale of key assets was closed by the Swedish Volvo Group (it sold "VOLVO FINANCE VOSTOK" LLC, "VOLVO COMPONENTS" LLC and others) but few more has left. Swedish truck maker Volvo AB's Russian assets have been transferred to an undisclosed Russian investor, the Ministry of Industry and Trade said in a statement. 08.09.2023: A number of subsidiary structures of the Swedish car concern Volvo in Russia, including the truck production plant in Kaluga, have come under the operational control of businessman Igor Kim, according to EGRUL data.
| September 08, 2023 | Businessman Igor Kim received operational control in Volvo structures in the Russian Federation |
| September 08, 2023 | Volvo Trucks’ Russian assets transferred to local investor |
| July 06, 2022 | Volvo will reduce the number of employees in Russia during the year |
| April 25, 2022 | Volvo and Jaguar Land Rover cut staff following GM |
| February 28, 2022 | As sanctions bite, Volvo suspends car shipments to Russia |
| February 28, 2022 | Automaker Volvo suspended operations in Russia after Daimler |