History of Volvo
The Volvo Group was founded during the 1920s by Assar Barbrielsson and Gustaf Larsson. Volvo's flagship model, the Volvo OV4, rolled off production lines in early 1927. Featuring 4 gears, an open carriage and a top speed of 56mph, the OV4 was considered a groundbreaking vehicle in its time. Throughout the company's first year only 280 cars were produced. The following year Volvo moved into the world of commercial truck building with the highly popular Series 1. This vehicle attracted buyers from across the world and helped move Volvo into the global market.
During the 1930s the company began to see an increase in sales. Volvo also focused on the production of marine engines, something which they continued to manufacture until 1962. During this period there was a common misconception that early Volvo models exploded due to the engine being in close proximity to the gas tank. In 1934 Volvo produced its first bus, the B1, which was met with positive critical reviews. The manufacturer also chose to move into the development of aircraft engines in order to expand the already diverse range of Volvo products.
On 28th January 1999 Volvo sold off its business subsidiary, the Volvo Car Corporation, to the Ford Motor Company for $6.45 billion. Chinese company Zhejiang Geely Holding Group then purchased Volvo Cars in 2010. Presently, Volvo are enjoying success with models like the S60 saloon, the C30 Coupe and the V50 estate. The company is also looking into the creation of more environmentally friendly vehicles with the production of electric models such as the C30.