Will Volvo cars Malaysia also see similar success with its EV offerings here in Malaysia?
Volvo Cars reported robust global sales figures for August 2024, delivering 52,944 vehicles, a 3 Percent increase compared to the same month last year. This uptick underscores Volvo’s ongoing success in the automotive market, with a notable surge in sales of its electrified models. This may not seem like much, but it is a big success for the brand.
In August, Volvo’s electrified lineup, which includes both fully electric and plug-in hybrid vehicles, saw a dramatic 47 Percent growth, making up 47 Percent of all cars sold. Of these, fully electric cars comprised a substantial 25 Percent of total sales. For the year-to-date period from January to August, Volvo’s global sales have reached 498,464 cars, marking an 11 Percent rise compared to 2023.
Moreover, European markets led the charge, with sales climbing 32 Percent to 21,119 cars. Electrified vehicles were particularly popular in this region, accounting for a remarkable 73 Percent of all sales. Despite a slight 2 Percent dip in the US market, where sales totaled 10,420 cars, plug-in hybrid sales soared by 84 Percent.
Meanwhile, in China, Volvo faced a challenging market environment, with overall sales falling by 23 Percent to 12,185 cars. However, the company saw a 10 Percent increase in sales of electrified models, which reached 1,233 units, indicating resilience in a tough market. How will the brand’s electric offerings fare here in Malaysia though? Let’s see.
On top of that, the Volvo XC60 emerged as the top-selling model in August, with 14,723 units sold. It was followed by the XC40/EX40, which saw 10,668 cars sold. The new fully electric EX30 made a notable impact with a strong debut, achieving 8,346 sales. The EX30 is still new but it will definitely make a big impact despite its small size.
Björn Annwall, Volvo’s Chief Commercial Officer and Deputy CEO, highlighted the impressive growth of electric vehicle sales in Europe. He specifically praised the success of the EX30 model and noted the strong consumer interest across Volvo’s electrified vehicle lineup.
Overall, Volvo’s continued emphasis on electrification and innovation is paying off, with significant growth in key markets and increasing consumer adoption of its electric and plug-in hybrid models. This way, the brand is not putting all its proverbial eggs in one basket, so the brand should see a pretty penny in profits at the end of the year.
