Volvo ECONOMIC

Supply Chain & Sourcing Relationships

• AB Volvo’s documented Israel-facing commercial channel is the import and servicing of industrial vehicles through Mayer’s Cars and Trucks Co. Ltd., rather than the purchase or retailing of Israeli agricultural products ^{1, 2, 3}.

• Mayer’s current Volvo Buses page describes the company as Volvo’s exclusive importer of buses in Israel, while its Volvo Trucks page states that it has imported Volvo Trucks since 1967 ^{1, 2}.

• Volvo Buses’ published contact page lists Mayer’s Cars and Trucks Co. Ltd. in Tel Aviv as its Israel contact ⁴.

• A 2008 Volvo Buses release identified Mayer as the Israeli importer for an order of 107 Volvo bus chassis manufactured in Borås, Sweden, with bodies to be produced by Merkavim in Israel ⁵.

• The 2008 order and its reported 2007 Israeli bus-sales figure are historical evidence only and do not establish current sales volumes ⁵.

• No public evidence identified of AB Volvo purchasing Israeli agricultural products, using an Israeli produce importer of record, or maintaining a consumer-goods sourcing relationship connected to occupied-territory origin labelling.

Product Origin, Labeling & Regulatory Compliance

• The 2008 Volvo Buses release described the relevant chassis as manufactured in Sweden and the bus bodies as produced by Merkavim in Israel ⁵.

• An Israeli Ministry of Transport registration instruction dated 15 October 2024 covers a Merkavim “MARS” Volvo B13R bus model and identifies Merkavim Manufacturing Transportation Technologies Ltd. in Yavne ⁶.

• The registration instruction evidences regulatory recognition of a Volvo-chassis/Merkavim vehicle model, but does not identify end customers, routes, or destinations ⁶.

• No public evidence identified of Volvo consumer-product origin labelling, settlement-origin consumer goods, customs or DEFRA action, or a Volvo Group policy specifically addressing country-of-origin labels for occupied territories.

Investment, Capital & Financial Exposure

• Merkavim’s 2022–2023 sustainability report states that Koor Industries sold 49% of Merkavim to the Volvo Global Group and Mayer Group in 1996, and that Volvo retained a 26% interest after Koor sold its remaining shares in 1999 ⁷.

• AB Volvo’s 1997 annual report similarly states that Volvo Buses acquired 26.5% of the share capital and voting rights in Merkavim Metal Works Ltd. in January 1996 ⁸.

• Merkavim’s current company profile states that it is jointly owned by Meir Automobile Company and “Volvo International,” operates a production facility in Caesarea Industrial Park, employs 700 people, and has annual production potential of 1,000 buses ⁹.

• These sources support a material minority interest or joint-ownership relationship, but they do not establish AB Volvo’s current precise ownership percentage, control rights, carrying value, or the investment purchase price ^{7, 8, 9}.

• AB Volvo’s 2025 parent-company financial statements report SEK 73.196 billion in investments in Group companies, including SEK 72.178 billion relating to shares in wholly owned subsidiaries, without identifying an Israeli subsidiary or separately reporting a Merkavim carrying value ¹⁰.

• No public evidence identified of Volvo Group-held Israeli sovereign bonds, Israel-focused funds, Israeli Preferred Technology Enterprise status, or an Israeli R&D or innovation centre.

Operational Presence & Market Activity

• Mayer states that it provides the Israeli sales, import, service, and logistics network for Volvo buses and trucks ^{1, 2}.

• Mayer’s Volvo Trucks page states that it operates 13 Volvo Trucks service centres nationwide ².

• The Israeli Competition Authority recorded in 2020 that Volvo trucks and buses were sold from outside Israel to Mayer’s Cars and Trucks Co. Ltd., a private Israeli importer ³.

• The same Competition Authority document reported approximate Israeli registration shares of 32% for heavy-duty trucks, 15% for medium-duty trucks, and 14% for buses, which are registration measures rather than sales measures ³.

• Volvo Buses’ contact page and Mayer’s importer pages support an ongoing published commercial representation relationship, but do not disclose AB Volvo’s current Israeli revenue or sales total ^{1, 2, 4}.

• The UN Special Rapporteur’s July 2025 report identifies Volvo Group in its discussion of heavy machinery supplied through exclusively licensed Israeli dealers and refers to allegations concerning machinery use and armoured buses serving colonies ¹¹.

• The report’s treatment of particular settlement-service, demolition, or end-use allegations should not be read as independently verified evidence of a specific Volvo contract, facility, route, or incident without the underlying records cited by that report ¹¹.

• No public evidence identified of an AB Volvo-owned Israeli office, warehouse, separately disclosed Israeli workforce, Israeli tax registration, or a current Volvo Group filing characterising Israel as a strategic market.

Corporate Structure & Foundational Ties

• The target is AB Volvo (publ), registration number 556012-5790, with its registered office in Gothenburg, Sweden, and it is the parent company of the Volvo Group ^{10, 12}.

• AB Volvo’s parent-company operations comprise Group headquarters and certain corporate functions ¹⁰.

• The Israeli Competition Authority expressly distinguishes Volvo Cars / Volvo Personvagnar from AB Volvo and states that Volvo Cars is not part of AB Volvo ³.

• Mayer’s corporate page states that Mayer’s Cars and Trucks was established in 1967 by Mayer Kass, began as the exclusive importer of Volvo products to Israel, and forms part of the Israeli Meir Group ¹³.

• The evidence reviewed identifies Mayer as an importer and commercial partner, but does not establish that Mayer is an AB Volvo subsidiary, joint venture, or agent with authority beyond the published importer and contact roles ^{3, 4, 13}.

• At 31 December 2025, AB Industrivärden held 28.1% of AB Volvo voting rights and Geely Holding held 14.7% of voting rights, which are voting interests rather than evidence by themselves of sole beneficial ownership or operational control ^{10, 14}.

• AB Volvo’s April 2026 AGM re-elected Pär Boman as Chair and included Martin Lundstedt among the elected directors ¹⁵.

• Volvo’s February 2026 Election Committee proposal describes AB Volvo as founded in 1927 and headquartered in Gothenburg, Sweden ¹⁶.

• No public evidence identified in the reviewed corporate materials that AB Volvo is Israeli-founded, Israeli-domiciled, Israeli tax-resident, Israeli-controlled, state-owned by Israel, or subject to Israeli governmental board appointments or golden-share arrangements.

Profit Repatriation & Economic Contribution

• The 2008 Volvo Buses transaction evidences a historical cross-border commercial flow in which Swedish-built chassis were sold to an Israeli importer and bus bodies were produced in Israel by Merkavim ⁵.

• Mayer’s published importer and service activities evidence local commercial infrastructure supporting Volvo buses and trucks in Israel ^{1, 2, 13}.

• Neither the historical bus-order disclosure nor the current importer and company-profile materials disclose AB Volvo’s Israel-attributed revenue, profit allocation, dividends, remittances, tax payments, or local economic contribution ^{1, 2, 5, 9}.

• AB Volvo’s 2025 annual report does not separately identify Israeli revenue, taxes, employees, inventory, subsidiaries, or the value of the Merkavim interest ¹⁰.

• No public evidence identified of Volvo Group profit repatriation from Israel, Israel-attributed tax payments, or designation as Israeli critical national infrastructure.