In 1924, Assar Gabrielsson, sales manager of Swedish company SKF producing ball bearings, met with his mate Gustaf Larson at a restaurant. This dinner resulted in foundation of a new company. The friends named it Volvo, which is the Latin for I am spinning. In 1927, the first Volvo model rolled off the production line. On April 14, Jakob OV4 equipped with 28 horsepower engine pulled out of the plant’s gate and picked up the maximum speed of 90 km/h. At their time, Volvo models had a reputation of the most reliable cars in the world, and the management of the plant had to work hard to live up to it. At present, the enterprise in Goteborg manufactures trucks and buses. The production of cars was transferred to China, as Volvo Cars brand was sold to Chinese company Zhejiang Geely.
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