GroupM’s Mindshare had previously handled the Swedish automaker’s media buying and planning.
IPG Mediabrands’ Initiative has won shotgun to handle its global media planning and buying duties.
Volvo spends north of US$500 million ($804 million) on global media each year, according to COMvergence.
The global media review had been a drag race between WPP, IPG and Publicis Groupe.
The account includes key markets such as the US, UK, Germany, Sweden, Japan, Australia and Korea. Notably, it does not include China, where Volvo’s parent company Geely is headquartered.
A Volvo spokesperson told AdWeek: “We have appointed Initiative, powered by IPG, to lead our media strategy, planning and buying, in all regions with the exception of China. Together, we will build on the strong foundation of our brand, delivering a seamless, premium and integrated experience for our consumers worldwide.”
Initiative confirmed the win to B&T, but declined to comment.
Volvo has partnered Mindshare for 25 years; its creative work is carried out by WPP’s VML.
In the first 11 months of 2024, Volvo’s global car sales increased by 9 per cent, led by a 59 per cent surge in fully electric vehicles. Volvo plans to become a fully electric automaker by 2030.
