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Wednesday, June 19, 2024

The owner of the Volvo brand does business in Russia. Sweden is considering a boycott

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The Chinese concern Geely, the owner of the passenger car manufacturer Volvo Cars, has been included by Ukraine on the black list of companies supporting Russia. The Swedish military and the Gothenburg region are considering a boycott of Volvo vehicles.

According to the Ukrainian National Agency for the Prevention of Corruption (NAZK), the Chinese automaker Geely “continues to sell cars in Russia and pays taxes there by sponsoring the Russian war machine.”

“The management of the company in no way condemned Russia’s aggressive and unfair war against Ukraine” – said the NAZK agency on its website. According to Ukrainian officials, “sales of Geely in Russia doubled in the first three months of this year compared to last year.”

Read also: The US imposes more sanctions on Chinese companies

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Sweden is considering a boycott of Volvo

According to the public Swedish Radio station, the armed forces are considering giving up Volvo cars Swedenas well as the Vaestra Goetaland region, including the city of Gothenburg, where the Volvo concern originates and has its headquarters.

“We don’t want some of the taxpayers’ money going to Russia to finance the war,” said Hakan Andersson, regional government procurement officer. According to the radio, the issue of a possible boycott of Volvo is being discussed by several other Swedish institutions and organizations.


Representatives of the Volvo Cars concern listed on the Stockholm Stock Exchange, whose majority shareholder is Geely (80 percent of votes), defend that the company’s branch in Russia has been liquidated and no longer operates on the Russian market. However, the sale of cars in Russia is continued by Geely Holding. Volvo Cars declined to comment on this. In Sweden, Geely is also a minority shareholder (15 percent) of truck manufacturer AB Volvo.

This is not the first boycott in the north over doing business in Russia

Earlier, after Ukraine blacklisted the Mondelez International concern, which is the owner of the Swedish chocolate manufacturer Marabou and the Norwegian Freia, for operating in Russia, many institutions and companies in Sweden and Norway withdrew the sweets of these producers. The boycott was joined by the Swedish military, SAS and Norwegian airlines, as well as the Swedish state railway SJ. After a wave of protests, Mondelez International announced the separation of the Russian company from its international structures by the end of the year. The boycott, however, continues.

Read more in: Manufacturer of well-known sweets boycotted in Scandinavia

Main photo source: Filmbildfabrik / Shutterstock

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