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When did Ford buy Volvo?
One of my friends told me that Ford owns and still makes Volvo vehicles, but that didn’t exactly sound right. If that’s true, when was Volvo purchased by Ford?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Your friend is partially right, except that Ford no longer manufactures any
Volvo
vehicles. Ford bought the entirety of Volvo in 1999 for $6 billion, as the Detroit automaker began a quest to build a massive luxury car portfolio. The Volvo purchase was sandwiched on both sides by Ford’s purchase of Jaguar
and Land Rover.Ford’s acquisition of Volvo was intended to give Ford the upper hand in the global luxury market while also allowing Volvo to focus primarily on its commercial trucks. However, neither part of the equation panned out. Following the 2008 recession and slumping sales of the luxury car market, Ford sold Volvo to the Chinese-based Zhejiang Geely Holding Company in 2010 for $1.6 billion—a substantial loss.
Today, Geely still owns Volvo and produces them for global markets—making it one of the few Chinese-owned car brands that have garnered praise for build quality and features.
View full answer
- Gregory R.
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