AB Volvo Penta Overview
Company Headquarters: Sweden
Founded: 1927
Workforce: ~102,000
Company Working: AB Volvo (Volvo Group) is one of the leading manufacturers of trucks, buses, marine & industrial engines, and construction equipment. It manufactures, sells, and distributes products, such as light-duty trucks, midsize-duty trucks, heavy-duty trucks, construction equipment, buses, bus chassis, and marine engine systems. The Volvo Group sells its products under several brands like Volvo, Volvo Penta, Rokbak, Renault Trucks, Prevost, Nova Bus, Mack and Arquus. It also partners in alliances & joint ventures in SDLG, Milence, Eicher, Dongfeng and cellcentric. The group provides financial services through various subsidiaries. Furthermore, the company also offers various types of engines and power systems for applications in container trucks and power generation under the brand Volvo Penta. The company offers off-highway diesel engines for agriculture, construction, mining, material handling, forestry, and special vehicles. Through its leading in-house research & development team, it develops efficient engine technologies to reduce vehicle CO2 emissions. AB Volvo innovates and designs efficient transport and infrastructure solutions. AB Volvo has production sites in 18 countries and sales operations in more than 180 countries around the globe. The group primarily generates revenues from Europe and North America owing to its large customer base in the regions.
Strategy
AB Volvo has been focusing on expansion by merging with and acquiring companies in countries such as the US, Mexico, China, Brazil, and Russia. The company has been increasing investments in improving its technologies to ensure engines and transmissions are fuel-efficient, have lower emissions, and help reduce the weight of the vehicles and make them more aerodynamically compatible. Furthermore, it strategizes to offer a wide variety of products and expand its presence through market development. For instance, the company introduced Volvo Dynamic Steering (VDS) in the North American market to provide enhanced safety, driver comfort, and productivity.
