During the 1970s, the Volvo 240 model set a new benchmark in car safety and prompted the US to refresh its car safety regulations. Additionally, the rear-facing child seat was also created at Volvo in the late 1960s. Volvo prides itself on this fact, especially since one of the company’s motivating factors has been to design cars that would reduce the loss of lives in traffic accidents. In fact, the seat belts found in cars today can be credited to Nils Bohlin, Volvo’s first safety engineer. The distinguishing factor of Volvo since its inception has been its focus on safety. It has subsidiaries located in North America, Canada, and India. It produces about 500,000 cars annually and accumulates almost $22 billion in revenue each year. The company is headquartered in the historic Swedish city of Gothenburg. Volvo Cars was acquired by Ford in 1999 and then by the Chinese corporation Geely in 2010, of which it remains a subsidiary today.
In contrast, AB Volvo, which was split from Volvo Cars in 1999, is responsible for manufacturing heavy industrial trucks. The company is officially known as Volvo Cars and produces a range of consumer automobiles. Volvo is a Swedish car manufacturer founded in 1927.
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