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| 10 April, 2018

Volvo Cars announced the appointment of Nahwasharq as its authorized importer in KSA

Volvo Cars announced the appointment of Nahwasharq as its authorized importer in KSA

Volvo Cars, the premium car maker, announced its partnership with Nahwasharq Co. Ltd. as its official importer for the Kingdom of Saudi Arabia. Following Volvo Car Group’s series of wins at international and local car awards, the marque’s venture into the Saudi Arabian domestic market has been highly anticipated by the country’s automotive enthusiasts.

“Volvo Car Group is in the midst of introducing an entirely new model range, embedding its new engine technologies, establishing joint ventures and partnerships to position itself as the leader in car safety and autonomous drive technologies. I believe customers in the Kingdom of Saudi Arabia will be proud to own a car that leads the industry, rather than follows it.” said Jesus Fernandez de Mesa, Volvo Car Group’s Managing Director, Importers EMEA. “We now have a complete dealer network for the Middle East, with which we expect to significantly grow our market share in the region. Nahwasharq has a great deal of experience that can help us do that.”

“We are delighted to have this partnership”, says Elie Chahine, CEO of Nahwasharq Company Ltd, “Nahwasharq’ s efforts were met with enthusiasm by investors, and are an indicator of a healthy demand for Volvo’s products. We look forward to what is surely going to turn into a long-standing, successful relationship with Volvo Car Group.” Established in 2007, Nahwasharq Co. Ltd. specializes in dealership operations for the premium, sport- luxury and ultra-luxury segments and is also the official dealer for Swedish hypercar marque Koenigsegg Automotive AB.

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Volvo Car Group’s local website, https://www.volvocars.com/en-sa is going live today offering Volvo’s full range of vehicles and accepting orders as of May 2018.

Housed in a brand-new, state-of-the art Volvo Retail Experience showroom located in Riyadh’s Sulaymania District, Prince Abdul Aziz Bin Mosaed Bin Jalwi Street (Al Dhabab), Nahwasharq Co. Ltd. will be operational in May 2018 and offer a complete portfolio of Sales and Aftersales. Volvo Cars and Nahwasharq Co. Ltd. plan to expand their coverage in the Kingdom with two more locations, Dammam (Q4 2018) and Jeddah (2019).

Sales of the 90-series cars are expected to be the main drivers, highlighting the effect of Volvo Cars’ in-house developed Scalable Product Architecture, a modular vehicle architecture, in terms of design, technology and brand. The brand-new SUVs XC60 and XC40, bringing the first wins of prestigious awards for Volvo Cars will bring immense potential entering the market. The new Volvo XC40 small SUV has been named the 2018 European Car of the Year while the new Volvo XC60 midsize SUV has been named World Car of the Year 2018 and Middle East Car of the Year 2018.

Driven by its commitment to developing safer, more sustainable and convenient cars, Volvo Cars aim to have up to 1 million electrified Volvos on the road by 2025, and to have climate-neutral manufacturing operations that same year. It has also stated the most ambitious safety vision in the industry: by 2020, no one should be killed or seriously injured in a new Volvo. This ties in well in the Kingdom’s Vision 2030 plan, which, among other things, also aims to bring a significant positive impact to the nation’s traffic safety standards, as well as to reduce pollution and dependence of fossil fuels.

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About Nahwasharq Company Ltd.

Established in 2007, Nahwasharq Co. Ltd is built around traditional family values and an uncompromising commitment to integrity, premium service and social responsibility. Nahwasharq Co Ltd is renowned for delivering exclusive automotive products and services while providing the best possible ownership experience for its customers in the Kingdom of Saudi Arabia. Nahwasharq Company Ltd is the official importer of renowned automotive and motorcycle brands in the Kingdom of Saudi Arabia such as: Volvo Cars, McLaren, Bugatti, Pagani, Koenigsegg AB and Polaris Industries.

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 per cent 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 and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).

© Press Release 2018