World’s largest car theft was done by a government! Here’s how it was done

The year was 1974 and the Swedish government had entered into an agreement with North Korea, to send over USD 70 million worth of heavy machinery alongside a consignment of 1,000 Volvo 144 sedans for use as taxis. This was the period when North Korea had a booming industrial economy and was flush with aid from other countries as well. However, North Korea failed to fulfil its financial obligations to Volvo for the 144 sedans and never actually paid for them.

According to the Swedish Export Credit Agency, the interest and unpaid penalties on the 1,000 Volvo cars, have racked up to a breathtaking USD 322 million (Rs 22,000 crore) over the last 49 years.The Swedish government still sends the unpaid invoice notice to North Korea two times every year, as per reports. The batch of vehicles, a significant component of the 1974 agreement, is now at the centre of what is considered to be the ‘biggest car heist‘ in history. The failure to settle the payment for the Volvo sedans has introduced a strain on the diplomatic and economic ties between Sweden and North Korea over the decades.

Official statements from the Swedish government on this matter are currently pending, leaving room for speculation and concern about the reliability of international agreements and the potential risks associated with such transactions. The incident sheds light on the complexities of diplomatic relations and raises questions about the aftermath of the unmet financial obligations.

The order for the batch of Volvo 144 sedans was given by Kim Jong Un’s grandfather, Kim Il Sung. Later, the Swedish government paid Volvo in full from public funds but is still waiting to retrieve the money from North Korea. The incident serves as a reminder of the challenges and uncertainties that can arise in diplomatic dealings, leaving both nations to navigate the repercussions of what is now termed as the grand theft auto involving Volvo and North Korea in 1974.
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