SUNNYVALE, Calif. (Nov. 29, 2018) - Volvo Cars Silicon Valley Tech Center has opened the doors to its new, state-of-the-art facility in downtown Sunnyvale. The move, which almost triples the physical presence of the Silicon Valley Tech Center, grows the Swedish automaker’s initial foray into Silicon Valley established in September 2016.
The expansion of the Tech Center is part of Volvo Cars’ overall strategy to be a leader in the innovation transforming the automotive industry. The new company purpose of “Freedom to Move” envisions a diverse business model for Volvo Car Group as a global mobility company expanding into opportunities beyond the realm of a traditional car company.
Silicon Valley has developed into a hub for many of the disruptive forces enabling the new mobility models of the future, such as electrification, autonomous technology and new digital customer experiences.
The company’s investment in Silicon Valley has grown to include build capabilities across product development, business development, advanced engineering, and most recently, a corporate venture arm to invest in cutting-edge tech start-ups.
The location allows Volvo Cars to be in close proximity to some of its key development partners such as Google, Uber, Amazon, and NVIDIA. Collaborating with the startup and venture ecosystem as well as access to tech talent is also strengthened by its presence.
“Our Silicon Valley Tech Center helps us embrace technologies and market forces shaping a future that is electrified, autonomous, and best of all, about so much more than getting from point A to B. Our intention is to mobilize and connect teams from Sweden to California to jointly deliver on this vision” said Atif Rafiq, Chief Digital Officer, Volvo Cars.
Volvo Cars Silicon Valley Tech Center will celebrate the soft opening of its office with employees, partners, and the executive team on November 29, 2018. The formal opening will take place in early December.
Volvo Car Group in 2017
For the 2017 financial year, Volvo Car Group recorded an operating profit of 14,061 MSEK (11,014 MSEK in 2016). Revenue over the period amounted to 210,912 MSEK (180,902 MSEK). For the full year 2017, global sales reached a record 571,577 cars, an increase of 7.0 percent versus 2016. 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 571,577 cars in 2017 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 2017, Volvo Cars employed on average approximately 38,000 (30,400) 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), Chengdu, Daqing (China) and Charleston (USA), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).
About Volvo Cars Technology Fund AB
Volvo Cars Tech Fund is a new venture fund subsidiary company under the Volvo Car Group umbrella, and is dedicated to advancing Volvo’s mission of ecology, safety, and technology across its vehicles. The fund was established in 2018, and is based out of Volvo Cars Silicon Valley Tech Center in Mountain View, California. Read more here.
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