Volvo Group

Automotive, Construction
118
OMX:VOLV B
Sweden

"The CEO of Swedish Volvo Trucks has announced that the company intends to increase its investment and operations in Iran. On the sidelines of his trip to Iran, the CEO of Volvo Trucks Claes Nilsson told the ISNA news agency, “The Company manufactures its vehicles in Iran with the same technology it uses in Europe”. "We have invested in truck body manufacturing in Iran and we intend to expand our investment in this sector," he added." (November 5, 2017)

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"SAIPA Diesel a subsidiary of SAIPA, Iran’s second largest automaker, will start production of three new models of Volvo FM trucks in the coming months. The company has been producing several models of Volvo trucks in recent years. But according to the local automotive website, Persian Khodro, production of the FM series was halted five years ago." (Financial Tribune, "Volvo to Make Trucks in Iran," 1/26/2017).

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Volvo is listed as a participating company at the 14th International Exhibition of Transportation & Urban Services & Related Industries which takes place October 27-30th, 2016 in Tehran Iran. (Participating International Companies)  

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"Swedish Volvo Trucks Corporation even didn’t wait for those talks to conclude, resuming its production in Iran in May by opening a line for a new generation of Volvo FH trucks at Saipa Diesel west of Tehran." (PressTV, "'Gold Rush' Begins for Iran Business," 7/20/15)

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“Swedish Volvo Trucks Corporation has resumed its production of heavy trucks in Iran, putting an end to four years of absence from the country's massive market under sanctions. The company marked its return by opening a production line for a new generation of Volvo FH trucks at Saipa Diesel west of Tehran... The official said Saipa Diesel is in talks with several reputable companies, including Mercedes Benz and Renault Trucks. 'The signing of a joint venture agreement with Benz for production of light, heavy and trailer trucks as well as buses and minibuses is in the works. Moreover, this reputable company has taken some steps for production of electric buses (in Iran),' Tanhapour said." (Press TV, "Volvo shifts into reverse on Iran sanctions," 5/13/15) 

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“Iranian car manufacturing company Saipa is in talks with France's PSA Peugeot Citroen and Renault, Germany's Mercedes-Benz, and Sweden's Volvo to finalize deals on joint production of cars in Iran, Saipa officials announced on Tuesday… He made the remarks on the sidelines of a ceremony held here in Tehran to unveil the production line of a new Volvo truck in Saipa Diesel factory. Madani also told the Tasnim News Agency that Saipa and Renault are in talks to modify previous contracts, but the details of negotiations have yet to be finalized… Elsewhere in his remarks, Madani announced that the Swedish company Volvo is already providing Saipa with technical support and spare part and that the cooperation will develop in the future. New Volvo trucks named H500, which will begin to be manufactured on Tuesday, are 15% domestically produced, he added.” (Tasnim, "Iran's Saipa Negotiating with European Automakers," 5/12/15)

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"Volvo Group has left the Iranian market. A company spokesman confirmed the authenticity of a letter sent to a U.S. pressure group this week saying it stopped sales of any new equipment in Iran in March 2012, and made a decision in January to stop business with all companies in the country. The question of pulling out of Iran has been an issue under discussion for several years, said Kina Wileke, the company's head of media relations, in an interview. Concerns about the Iranian regime led Volvo to pull out, she added. United Against Nuclear Iran, the U.S. pressure group, sent a letter to Volvo in December calling for the Swedish company to leave the market, accusing it, among other things, of supplying the trucks used by the Iranian government to transport missiles. 'We applaud Volvo AB for this decision,' said Nathan Carleton, a spokesman for the group, in an email. 'Iran's automotive sector serves as a massive source of revenue for the regime, and is integral to Iranian military operations...The situation is now changing, as seven prominent automakers have pulled out of Iran within the past year.'" (The Wall Street Journal, "Volvo Finds Exit Ramp from Iran Market," 2/13/13)

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Vovlo Group is a Swedish manufacturer of trucks, buses and construction equipment. Its units include Volvo Trucks, Mack Trucks, Renault Trucks, UD Trucks, Volvo Construction Equipment and Volvo Buses, among others.

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The construction division of AB Volvo sells wheel loaders, backhoe loaders, excavators, articulated haulers, motor graders, milling equipment, pavers, and compactors in Iran through dealer Parsian Pishro Sanat.

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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror, Removed from the internet in July of 2007)

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In 2000, Volvo Truck Corporation entered an agreement for Industrial and Commercial Cooperation with Iran's Saipa Diesel. (Volvo Website, "Volvo in Iran")

 

Response: "There is a strong political support for rengagement of trade with Iran…" (June 1, 2016) -