Published on June 4th, 2018 | by Subhash Nair0
Volvo Ocean Race Transferred to New Owners
After successfully running the Volvo Ocean Race for 20 years Volvo Cars and the Volvo Group have decided to transfer the Volvo Ocean Race to Atlant Ocean Racing Spain S.L, affiliated to parts of the current race organizations management team.
“After 20 years we feel that it is time to hand over responsibility for this prestigious race to a new and capable owner with the focus, experience and know how needed to develop it even further,” says Björn Annwall, Senior Vice President at Volvo Cars. “Volvo Cars will continue to support the next edition of the race as a sponsor with special focus on sustainability.”
“The Volvo Ocean Race has been a great vehicle for building customer relationships, strengthening the Volvo brand and presenting our company and our products to a global audience,” says Kina Wileke, Executive Vice President, Volvo Group Communication.
Volvo Cars and the Volvo Group have actively developed the race, leading to record levels of race village visitors and online and television coverage, benefitting the companies and partners.
The current edition of the race will continue as planned. Transfer of ownership and responsibility will take place thereafter. The next edition of the race is planned for 2021-2022.
Volvo Cars and the Volvo Group share a name but are not connected. Volvo Cars is owned by Zhejiang Geely Holdings, and makes passenger cars, while the Volvo Group is a listed company in Sweden and makes trucks, heavy machinery and other engineering products.