It's a Swedish luxury vehicle manufacturer established in 1927 and headquartered on Hisingen, in Gothenburg. Since 2010 it has been a wholly owned subsidiary of Geely of China. Volvo Cars was founded as a subsidiary of the ball bearing manufacturer SKF. When AB Volvo was introduced on the Stockholm stock exchange in 1935, SKF sold most of the shares in the company. Volvo Cars was owned by AB Volvo until 1999, when it was sold to the Ford Motor Company as part of its Premier Automotive Group. In 2010, the Geely Holding Group then acquired Volvo Cars from Ford. Volvo Cars manufactures and markets sport utility vehicles, station wagons, sedans and compact executive sedans. With approximately 2,300 local dealers from around 100 national sales companies worldwide, Volvo Cars' largest markets are China, the United States, Sweden, and the other countries in the European Union. 2015 was the first year it sold more than half a million cars in its 89-year history. Volvo reported strong sales from all three core global regions. Sales in Europe rose 10% in 2015 to 269k, representing over 50% of total global volume. Volvo’s revival in the US gained momentum, with sales up 24% in 2015, while China was flat amid a challenging sales environment, but sales were up 11% in the fourth quarter.