Nikola vs Volvo Group: Founders, CEOs and History
Nikola was founded in 2014 by Trevor Milton and is led by Stephen J. Girsky. Volvo Group was founded in 1927 by Assar Gabrielsson, Gustaf Larson and is led by Martin Lundstedt.
Company facts
Nikola
- Founded
- 2014
- Headquarters
- Phoenix, Arizona, United States
- Current CEO
- Stephen J. Girsky
Volvo Group
- Founded
- 1927
- Headquarters
- Gothenburg, Sweden
- Current CEO
- Martin Lundstedt
- Employees
- 100,000
Founders
Nikola
Trevor Milton
Trevor Milton founded Nikola in 2014, aggressively positioning the company as the absolute direct 'Tesla-killer' for the commercial trucking industry.
Volvo Group
Assar Gabrielsson
Assar Gabrielsson was the commercial founder of Volvo. As a sales manager at SKF he argued that Sweden could build cars suited to its own roads and climate, and he persuaded SKF to fund the project in 1927.
Gustaf Larson
Gustaf Larson was Volvo's technical co-founder. He and Gabrielsson had known each other at SKF, and in 1926-1927 Larson led the engineering of the first Volvo car, the ÖV4, and the early trucks.
CEOs and their tenures
Nikola
- Trevor Milton2014–2020
Founder, CEO and Executive Chairman
As the disgraced Founder, he nearly destroyed the company through massive, systemic fraud before being federally indicted and imprisoned.
Source - Mark Russell2020–2022
Chief Executive Officer
He took over as CEO immediately after Trevor Milton resigned in disgrace in 2020, attempting to salvage the company's destroyed reputation with Wall Street.
Source - Stephen J. Girsky2023–2025
President & Chief Executive Officer
Former GM vice chairman and VectoIQ chairman. He became CEO in August 2023, put hydrogen trucks first, oversaw the BEV recall fix, and led Nikola into its February 2025 Chapter 11 filing and asset sales.
Source - Michael Lohscheller2023–2023
Chief Executive Officer
Serving as CEO from 2022 to 2023, the former Opel executive attempted to professionalize the completely chaotic company following Milton's arrest, specifically focusing on launching the hydrogen fuel cell truck.
Source
Volvo Group
- Pehr G. Gyllenhammar1971–1993
Chief Executive Officer, later Executive Chairman
He resigned in December 1993 after shareholders opposed his planned merger with Renault.
Source - Leif Johansson1997–2011
President and Chief Executive Officer
He bought Renault Trucks and Mack in 2001 and Nissan Diesel in 2007. Olof Persson succeeded him in 2011.
Source - Olof Persson2011–2015
President and Chief Executive Officer
Serving as CEO from 2011 to 2015, he brought absolute financial discipline to the sprawling, highly inefficient conglomerate before being replaced by Martin Lundstedt to drive top-line growth.
Source - Martin Lundstedt2015–present
President and CEO
Former Scania CEO who has led the Volvo Group since October 2015, decentralising decision-making to the brands and business areas and directing investment into electric, fuel-cell and autonomous transport. He also sits on the AB Volvo board.
Source
Timeline: Nikola and Volvo Group side by side
1927Volvo Group
AB Volvo Founded in Gothenburg
Assar Gabrielsson and Gustaf Larson start Volvo with SKF backing; the first ÖV4 car leaves the factory on April 14, 1927.
1928Volvo Group
First Truck, the LV Series 1
Volvo introduces its first truck, starting the commercial-vehicle business that became the group's core.
1935Volvo Group
Independence from SKF and Stockholm Listing
SKF distributes its Volvo shares and AB Volvo is listed on the Stockholm Stock Exchange as an independent company.
1959Volvo Group
Three-Point Seatbelt
Volvo engineer Nils Bohlin develops the three-point seatbelt, and Volvo makes the patent freely available to other carmakers.
1981Volvo Group
White Motor Truck Assets Acquired
Volvo bought the truck assets of the US company White Motor Corporation in 1981.
1999Volvo Group
Volvo Cars Sold to Ford
AB Volvo sells its car division to Ford for about USD 6.45 billion and concentrates on trucks, buses, construction equipment and engines.
2001Volvo Group
Renault V.I. and Mack Trucks Join the Group
Volvo acquires Renault V.I., Renault's truck business that also owned Mack Trucks, paying largely in Volvo shares and adding the Renault Trucks and Mack brands.
2007Volvo Group
Acquired Nissan Diesel (UD Trucks)
AB Volvo acquired Nissan Diesel (UD Trucks).
2011Volvo Group
Olof Persson becomes CEO
Olof Persson became CEO of AB Volvo in 2011. Led the Volvo Group for almost four years before the board replaced him under shareholder pressure in 2015.
2014Nikola
Nikola Motor Company founded in Utah
Trevor Milton founded Nikola Motor Company in Salt Lake City to build alternative-powertrain semi-trucks.
2015Volvo Group
Martin Lundstedt becomes CEO
Martin Lundstedt became CEO of AB Volvo in 2015. Former Scania CEO who has led the Volvo Group since October 2015, decentralising decision-making to the brands and business areas and directing investment into electric, fuel-cell and autonomous transport.
2016Nikola
Nikola One prototype unveiled
Nikola unveiled the Nikola One hydrogen sleeper-cab concept and moved its headquarters to Phoenix, Arizona.
2018Nikola
Patent Suit Against Tesla
Nikola sued Tesla in May 2018 for $2 billion, alleging that the Tesla Semi infringed its design patents.
2019Nikola
CNH Industrial / Iveco partnership
CNH Industrial invested $250 million, and the Iveco S-Way cab became the basis for the Nikola Tre.
2020Nikola
SPAC listing and Hindenburg report
Nikola listed on Nasdaq through its merger with VectoIQ in June. A Hindenburg Research report in September was followed by Trevor Milton's resignation.
2020Nikola
General Motors Deal Scaled Back
Nikola and General Motors announced a $2 billion partnership in September 2020 and reduced it to a non-binding supply agreement in November.
2021Nikola
$125 million SEC settlement
In December 2021 Nikola agreed to pay a $125 million civil penalty to settle SEC charges over misleading statements by Milton.
2021Volvo Group
UD Trucks Sold to Isuzu
Volvo completed the sale of UD Trucks to Isuzu Motors in April 2021.
2022Nikola
Tre BEV deliveries and Milton conviction
Coolidge production of the Tre BEV ramped up, and in October a federal jury convicted Milton of securities and wire fraud.
2023Nikola
Tre FCEV launch, recall and CEO change
Nikola started series production of the Tre hydrogen fuel cell truck, recalled its battery-electric trucks after battery fires, and named Steve Girsky CEO in August. It posted a $966.3 million net loss.
2024Nikola
HYLA stations and reverse split
Nikola opened its first HYLA hydrogen station in Ontario, California, and completed a 1-for-30 reverse stock split in June.
2025Nikola
Chapter 11, Lucid asset sale and liquidation
Nikola filed for Chapter 11 on February 19 and sold its Coolidge plant to Lucid in April. Its liquidation plan was confirmed September 12 and took effect December 12.
2025Volvo Group
FY2025 Net Sales of SEK 479.2 Billion
Volvo Group reports FY2025 net sales of ~$47.9 billion (SEK 479.2 billion), down 9% from 2024, with adjusted operating income of ~$5.12 billion (SEK 51.2 billion).
2026Nikola
Liquidation plan upheld on appeal
In September 2026 the U.S. District Court for Delaware affirmed the confirmation order, rejecting appeals by Trevor Milton and securities class plaintiffs.
Acquisitions
Nikola
- Romeo Power2022$144M
- VectoIQ Acquisition Corp. (Reverse Merger)2020$3.3B
- Free Form Factory2017Undisclosed
Volvo Group
- Swecon2025Undisclosed
- NOVO Energy2025Undisclosed
- Proterra Battery Business2024Undisclosed
- Zenseact2022Undisclosed
- Designwerk2021Undisclosed
- Nissan Diesel (UD Trucks)2007Undisclosed
Questions about Nikola vs Volvo Group
Who is the CEO of Nikola Corporation and AB Volvo?
Nikola Corporation is led by Stephen J. Girsky and AB Volvo is led by Martin Lundstedt. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Nikola Corporation founded vs AB Volvo?
AB Volvo was founded in 1927 — 87 years before Nikola Corporation, which was founded in 2014. AB Volvo's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Nikola Corporation.
How many employees does Nikola Corporation have compared to AB Volvo?
AB Volvo employs approximately 100,000 people. A verified employee count for Nikola Corporation is not currently available.
Where are Nikola Corporation and AB Volvo headquartered?
Nikola Corporation is headquartered in United States and AB Volvo is headquartered in Sweden. Their different home markets mean they may face different regulatory frameworks, tax regimes, and currency exposure.
Who founded Nikola Corporation and AB Volvo?
Nikola Corporation was founded by Trevor Milton. AB Volvo was founded by Assar Gabrielsson, Gustaf Larson.
Which company has a longer operating history — Nikola Corporation or AB Volvo?
AB Volvo has been operating for approximately 99 years, making it the more established of the two companies. Nikola Corporation has been in operation for around 12 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Nikola vs Volvo Group overview