The biggest car heist in history: How 1,000 Volvos went missing
Half a century ago Volvo shipped 1,000 cars to North Korea. The Swedish Export Credit Agency is still sending reminders to pay the bill.
In 1966 Volvo launched the 144 series. The timeless design, safety features and classic Volvo practicality made it a best seller. Over the next eight years, 523,808 models were produced, making it Volvo’s biggest volume model by some margin.
The 144 attracted admirers across the globe, including in North Korea. At the time, Sweden was one of the few countries to have established diplomatic relations with the state – and some Swedish companies saw both a potential export opportunity and a means to cement that relationship.
Some of the 144s acquired by North Korea are still running, many as taxis, though likely somewhat roughly, given limited access to parts.
So in 1974, Volvo Cars shipped a thousand 144 GL sedans to Pyongyang following an order signed off by the regime’s leadership.
But the invoice was never paid.
More than half a century later, the Swedish Export Credit Agency still sends reminders, perhaps more in hope than expectation. The total bill, $73 million at the time including other industrial equipment that was shipped along with the cars, is now circa $450m after 51 years of inflation.
Some of the 144s acquired by North Korea are still running, many as taxis, though likely somewhat roughly, given limited access to parts.
Luckily for Australian customers, Volvo Car Australia takes the stress out of finance by offering a range of different options. Whether a customer loan to buy the vehicle outright, or a novated lease to take advantage of salary sacrificing, to a Guaranteed Future Value Program^, Volvo can help make securing a new, and highly prized, Volvo Car somewhat more straightforward.
^Volvo Car Future Value consists of an option to return your vehicle to Volvo Car Financial Services (VCFS) ABN 20 097 071 460, Australian Credit Licence 389344 at the end of the term and requires VCFS to purchase the vehicle at an agreed price determined by VCFS, known as the Guaranteed Future Value (GFV). At the end of the term, you can elect to: (1) trade-in; (2) return; or (3) keep the vehicle by paying the GFV, which is a lump sum owed to VCFS at the end of the loan term after all repayments have been made. You must pay any loan contract deficit and additional charges if you exceed the nominated kilometre allowance or the vehicle is not in acceptable condition. Contact your nearest Volvo retailer to check eligible vehicles for this program. Terms, fees and charges are applicable. Full conditions available on application. For approved applicants only. Fleet, government, rental buyers, hire car and chauffeur companies excluded. To see if this product is right for you, please see our Target Market Determination here.
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