Volvo launches review of £353m global media buying, planning account
By Oluwaseyi Lawal
Volvo, the Swedish car manufacturer, has launched a global review of its media buying and planning account, which has been managed by Group M’s Mindshare for 25 years.
The review reportedly involves Volvo’s $448 million global media account, encompassing key markets like the US, UK, and China.
In July, Volvo reported global sales of 57,447 vehicles, marking a 6% increase compared to the same month last year. This growth was largely driven by the strong performance of its fully electric vehicles in Europe.
Sales of Volvo’s electrified models, including plug-in hybrids and fully electric cars, surged by 49% year-over-year, representing 49% of the company’s total vehicle sales in July. Notably, 25% of all cars sold that month were fully electric.
From January to July this year, Volvo sold 445,520 cars worldwide, reflecting a 13% increase compared to the same period in 2023.
Björn Annwall, Chief Commercial Officer and Deputy CEO at Volvo Cars said, “We are pleased to report another month of sales growth, which is driven largely by the sales in Europe despite a generally challenging market environment,”.
Volvo spends around 5-6% of its revenue on Selling expenses which includes marketing & advertising. Volvo actively engaged in integrated marketing campaigns where it leverage the potential of Digital and traditional media.
Volvo Group, a well-known multinational manufacturing corporation based in Gothenburg, Sweden, has a distinguished history that began in 1927. The company has become a global leader in the commercial vehicle and construction equipment sectors. Volvo Group is dedicated to advancing the future of transport and infrastructure with its innovative products, strong emphasis on safety, and commitment to sustainability.
Volvo’s automotive brand has evolved from being known primarily for safety to positioning itself as a premium and innovative leader in the industry. Initially, the brand built its reputation on safety, introducing features like the three-point seatbelt and consistently highlighting this in its marketing. Over time, Volvo shifted to emphasize luxury and design, while more recently focusing on sustainability and electric vehicles.
The brand effectively uses digital and social media to engage younger audiences and tailors its marketing to resonate with global and local markets alike. Volvo’s trajectory reflects a blend of safety, innovation, and eco-consciousness in its advertising efforts.
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