Volvo Cars appoints Winfried Vahland to the Board of Directors
Volvo Cars has appointed Winfried Vahland as a member of its Board of Directors, replacing Carl-Peter Forster who has decided to retire from his position on the Board.
Dr Vahland has broad and international experience in the automotive industry, including time as CEO of Škoda, as well as various other executive positions within the Volkswagen Group. This means he adds valuable and relevant competence to the overall composition of the Board of Directors. He is also a board member in Proton Holdings Bhd, which is owned 49.9 % by Zhejiang Geely Holding Group.
Carl-Peter Forster joined the Volvo Cars Board of Directors in 2013 and will retire with immediate effect. The company wishes to thank him for his valuable contributions during this period.
Following the above changes, the Board of Volvo Cars now consists of the following members:
Li Shufu (Chairman), Lone Fønss Schrøder (Vice-Chairman), Håkan Samuelsson (President & CEO), Winnie Kin Wah Fok, Daniel Li, Winfried Vahland, Betsy Atkins, Tom Johnstone, Michael Jackson, Jim Zhang, Glenn Bergström, Jörgen Olsson, Marko Peltonen.
Volvo Car Group in 2018
For the 2018 financial year, Volvo Car Group recorded an operating profit of 14,185 MSEK (14,061 MSEK in 2017). Revenue over the period amounted to 252,653 MSEK (208,646 MSEK). For the full year 2018, global sales reached a record 642,253 (571,577) cars, an increase of 12.4 per cent versus 2017. The results underline the comprehensive transformation of Volvo Cars’ finances and operations in recent years, positioning the company for its next growth phase.
About Volvo Car Group
Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world with sales of 642,253 cars in 2018 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.
In 2018, Volvo Cars employed on average approximately 43,000 (39,500) full-time employees. Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), South Carolina (US), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).
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