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Established in 1927 in Sweden, Volvo was initially created as a subsidiary of the ball bearing manufacturer SKF. In Latin, Volvo roughly translates to "I roll"; this was a reference to the ball bearings they manufactured, though this part of their production was short-lived. Volvo is best known for the safety of its cars, with many publications ranking them number one in vehicle safety.

Volvo's first automobile was the 1927 ÖV4, an open touring car with a four-cylinder engine. The ÖV4 originally cost 4800 Swedish kronor, the equivalent of $483 USD (or $7521 in 2021.) Today, Volvo makes a variety of cars, SUVs, crossovers, and EVs. Their current lineup includes the XC40, XC90, V90, S90, V90 Cross Country, V60, V60 Cross Country, S60, S60 Polestar, and the C40. Volvo’s highest selling year since 2005 was in 2018 when it sold 634,509 vehicles in the US alone.

Volvo recently announced its intention to make its entire line of vehicles fully electric. Their current plan involves converting half of their model line to EVs by 2025, and by 2030 their entire line will be electrified. This lineup will include gas-electric hybrids, plug-in hybrids, and battery-electric cars. Five new EVs will be released in the next few years, including a full-size electric crossover. Volvo also announced two EV models, the XC60 and XC90, will be in production by 2025.