Volvo Car AB
Acquisitions
3
Major Deals Covered
This page covers 3 major deals from 2015 to 2020, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Zenseact | 2020 | Undisclosed | When the Zenuity joint venture with Veoneer was split in 2020, Volvo Cars took full control of the software development that became Zenseact. |
| Polestar Performance | 2015 | Undisclosed | Acquired 100% of Swedish performance-tuning and motorsport partner Polestar Performance, including the Polestar brand name. |
| Luxe | 2017 | Undisclosed | Acquired on-demand valet, parking, and concierge service startup Luxe to absorb software engineering talent and digital automotive delivery technology. |
2020
When the Zenuity joint venture with Veoneer was split in 2020, Volvo Cars took full control of the software development that became Zenseact.
Brought driver-assistance and autonomous-driving software development in-house.
Zenseact remains a Volvo Cars subsidiary in Gothenburg.
2017
Acquired on-demand valet, parking, and concierge service startup Luxe to absorb software engineering talent and digital automotive delivery technology.
Accelerated Volvo's Care by Volvo subscription platform and digital key concierge features.
2015
Acquired 100% of Swedish performance-tuning and motorsport partner Polestar Performance, including the Polestar brand name.
Established Volvo's factory performance tuning division and high-output road car lineup.
Later spun out in 2017 alongside Geely as an independent electric performance car brand.
The plan centres on cost reduction, regional production to limit tariff exposure, more parts shared with Geely (from about 10% to 30%), and new electric models such as the EX60 alongside continued plug-in hybrid sales.
Volvo Cars earns most of its revenue from selling new cars, mainly SUVs such as the XC60, XC90, XC40/EX40 and EX30, through dealers, fleet sales and online channels. Parts, service, accessories, financing and subscription services add further revenue. Electrified models (battery-electric plus plug-in hybrid) made up 46% of sales in 2025. Volvo shares platforms and components with Geely group brands, and plans to raise that parts commonality to cut material costs.
Geely bought Volvo Cars from Ford in 2010 for about $1.8 billion.
Volvo Cars' software subsidiary for driver assistance and autonomous driving, formed when the Zenuity joint venture with Veoneer was split in 2020.
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