Archive · 26 Jul 2025
North Korea's Unpaid Volvo Debt to Sweden: A Throwback Story
In 1974, North Korea bought 1,000 Volvo cars and other things from Sweden, costing $73 million.
They never paid for it!
Over the years, with added interest, the debt grew to around $330 million.
Sweden thought North Korea was a good place to do business back then.
But, North Korea still uses the cars today, even though they never paid for them.
Foreign journalists used these cars to get around North Korea as there weren't many cars on the roads.
North Korea ordered 1,000 Volvo 144 models and other equipment from Sweden in 1974.
The total cost of the order was $73 million.
North Korea never paid for the order.
The debt, including interest, has grown to approximately $330 million.
North Korea continues to use the Volvos, often for special purposes.
- Who
- North Korea ordered from Swedish companies.
- What
- North Korea ordered 1,000 Volvo cars and equipment from Sweden but never paid.
- When
- The order was placed in 1974.
- Where
- Sweden and North Korea
- Why
- Sweden saw North Korea as a promising new market at the time.
- Year of Order
- 1974
- Item Ordered
- 1,000 Volvo 144 models and other equipment
- Original Cost
- $73 million
- Current Debt
- ~$330 million
- Originating Country
- Sweden
- Ordering Country
- North Korea