Volvo has announced a series of senior appointments and investments as it reshapes its global automotive business for a digital and connected future.
Nils Jaeger, currently EMEA president of Volvo Financial Services, has been appointed president of the newly-launched Volvo Autonomous Solutions.
Jaeger will lead a new business area responsible for accelerating the development, commercialisation and sales of autonomous transport solutions from the Volvo Group, particularly relating to moving large volumes of goods and materials on pre-defined routes.
Scott Rafkin (pictured), currently president of Volvo Financial Services, has been appointed executive vice-president and chief digital officer for the Volvo Group.
Rafkin has served as president of Volvo Financial Services since 2014.
Gary McCartney will serve as acting president of Volvo Financial Services while a successor for Rafkin is recruited.
The appointments come as Volvo Group continues to invest in new technology companies.
Its investment arm, Volvo Group Venture Capital, has invested in Silicon Valley-based Autotech Ventures - a venture capital fund that manages $200 million, with investments focused on start-ups in the $3 trillion ground transportation sector.
It has also invested in Apex.AI, an autonomous mobility software company to fund the development of a safety-certified software framework for autonomous systems.
Meanwhile, Volvo Financial Services (VFS) has invested in REIN, an insurtech start-up company, to develop new connected insurance services for the commercial transport industry.
VFS Innovation Ventures, a newly formed entity within VFS, has joined the REIN investor group through its strategic investment in the company.
Earlier this year, REIN showcased its insurtech platform at iLabX, the VFS 10-week accelerator program.
The companies plan to launch the product in the USA during the first half of 2020, with the aim of a future global offering.
Volvo Financial Services is the global captive finance arm of the Volvo Group. Headquartered in North Carolina, USA, it manages a gross credit portfolio of SEK 173 billion ($18.4 billion), employs more than 1,500 people worldwide and provides customer financing in 48 countries.
It is listed in the annual Asset Finance Europe 50 (AFE50) as one of the largest asset finance companies in Europe.
