Posted on 10/25/2017 5:10:14 AM PDT by TigerLikesRooster
N. Korea still using Volvo cars bought 43 yrs ago from Sweden without payment: report
2017/10/25 10:09
SEOUL, Oct. 25 (Yonhap) -- North Korea is still using Volvo cars as taxis outside Pyongyang that it bought from Sweden 43 years ago without honoring its debts for the vehicles, Voice of America reported Wednesday.
Citing Swedish foreign ministry spokeswoman Katarina Roslund, VOA's Korean Service said Volvo vehicles are not easily seen in Pyongyang and the Volvo 133 model cars still run in the countryside frequently as taxis.
VOA earlier reported North Korea's debt to Sweden currently amount to SEK 2.7 billion (around US$330 million) and account for 45 percent of the entire debt owed by 16 countries to Sweden. Among the debtors, only North Korea has never implemented a debt repayment, it said.
The North's debt to Sweden arose after it never came through with payment for 1,000 Volvo 144 model cars and several orders with other Swedish companies in 1974. The debt, originally amounting to SEK 600 million, has swollen to SEK 2.7 billion due to the accumulated interest.
Roslund told the service that the publicly funded Swedish Export Credit Agency (EKN), a government agency serving as a credit insurer for company's trade deals, takes charges of the North's debt and reminds the North twice every year about them.
An official at the Swedish carmaker said the North's failure to honor the debts has prompted EKN to be involved in the case and Volvo has suffered no financial damage, the report said.
Volvo manufactured the four-door Volvo 144 model from 1966 to 1974 as one of an entirely new car series. A total of 1.25 million units of the model were produced and more than 1 million units were sold, marking the first time in the company's history that more than 1 million units of a car model were sold.
I had for a time the Volvo station wagon (model 145) of the sedans (model 144) Sweden sold to North Korea. We bought ours in 1974, which was the last year of the 144/145s. It was a real work horse, though it had a crappy exhaust system (too many twists and turns leading to repeated racking at two points in the exhaust pipes), and eventually it had an idiot light that indicated a problem with either the battery or the alternator, all the time (so we needed to have the checked every now and then just to be sure they were OK (most of the time). The solution was more expensive than it was worth. Beyond those two issues, it was a great car and ran, and ran, and ran in fine shape or in dire need of a tuneup; it didn’t care, it still ran.
Grifters never pay.
IIRC, Volvo's current Repo Man is Chinese.
Didn’t Repo Man feature a subplot with a radioactive, glowing green suitcase in the trunk? Maybe the car is too hot to repo.
Figures they like Volvos, the most boring, bland, cars in the world would appeal to totalitarians devoid of mirth.
Watching videos of European demolition derbys it appears Volvo is the car of choice there.
Their variety of demolition derby reminds me of the old figure eight races we used to have that I believe were banned due to being too dangerous. It’s a literal no holds barred race and they ram each other, very entertaining. And yes, the old “brick” Volvos are the car of choice, followed by certain American yank tanks, but the American cars seem to have a target on their backs despite being one of the more solid vehicles out there. It can be a little sickening, I’ve seen classic Jags, even Rolls-Royce Silver Shadows in those things. I guess they’re in sad shape before then, but it’s still shocking to an extent.
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