Malaysia Ranks In Top 15 Global Markets For Volvo EVs

It was a good year for Volvo in Malaysia. By the end of 2023, Volvo Car Malaysia had sold 2,694 vehicles overall, with an impressive 18% of those being fully battery electric vehicles (BEVs). This is a significant 37% increase from 2022.

Malaysia is currently among the top 15 worldwide markets for the Volvo Car Group, with its Recharge range of electrified vehicles—which includes plug-in hybrid (PHEV) models—accounting for 71% of the company’s annual sales.

According to a press statement from Volvo, in contrast, the global sales mix for the recharge electrified variants is projected to be 38% worldwide for 2023, with 16% of all cars sold being fully electric. In comparison, the company claims that the global sales mix for Recharge electrified variants is at 38% worldwide for 2023, of which 16% of all cars sold are fully electric.

Volvo Car Malaysia’s 2023 sales performance did witness a 500-unit fall compared to the previous year. The company attributes that to the 2022 “bumper year” for the automotive industry, bolstered by the government’s tax incentives post Covid pandemic.

Commenting on its 2023 sales report, Volvo Car Malaysia Managing Director, Charles Frump said, “2023 was a transformative year for us as we pivoted towards a fully electric future. All of our electric models are now sold directly on our online sales platform for a secure, transparent and hassle-free ownership experience.”

“We’re quite delighted to have defended our category share given that we were in between product cycles with no new launches last year, even if we did see a modest decline in sales. We’re still committed to being a premium, all-electric vehicle manufacturer by 2030, and we think this is reflected in our performance and course as a worldwide brand,” he continued.

In 2024, the company plans to introduce more “fully electric product launches” in order to maintain its current rate of growth. These should include the Volvo EX90, and the EX30, as well as the fully electric replacement for the aging XC90.

OUR THOUGHTS

Volvo Automobiles broke all previous global records for sales in 2023, selling 708,716 cars worldwide—a 15% rise from 2022. Additionally, in 2023, the percentage of electrified vehicles climbed by a staggering 70% for completely electric vehicles (113,419 units) and 10% for plug-in hybrid vehicles (152,561). With some great product on the way, we have a lot to look forward to from Volvo.

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