Volvo Car Malaysia has concluded the 2024 calendar year with a record-breaking sales mix for its fully electric (BEV) segment, which accounted for 30% of total retail sales—a significant 18% increase from 2023.
The combined sales of Volvo Car Malaysia’s BEV and plug-in hybrid (PHEV) models made up 83% of total retail sales, compared to 71% in the previous year. This milestone aligns with Volvo’s global sustainability ambition to sell between 90% to 100% electrified vehicles by 2030, encompassing models with plug-in high-voltage battery drivetrains.
A Leader in Electrification
Since 2020, Volvo Car Malaysia has been at the forefront of electrification, offering only fully electric or hybrid electric variants across all new models. Customers in Malaysia currently have the option of choosing between plug-in hybrid electric vehicle (PHEV) and mild-hybrid electric vehicle (MHEV) powertrains for internal combustion engine models.
In 2024, Volvo Car Malaysia sold a total of 1,953 cars, with MHEV models accounting for less than a fifth of the total sales mix. This marks a notable shift from 2023, when MHEVs represented a third of the company’s annual sales.
A Strong Year Despite Market Challenges
Chris Tan, Sales Director of Volvo Car Malaysia, stated, “Despite a highly competitive market in 2024, we are proud to continue driving our vision of personal, safe, and sustainable mobility. The introduction of the fully electric Volvo EX30 was well received, with our first batch of fully imported units selling out before local assembly commenced. We now have a focused portfolio of fully electric vehicles for Malaysia, with our flagship seven-seater Volvo EX90 coming next.”
The Volvo EX90, the company’s largest all-electric SUV, will feature Volvo’s most advanced safety technology to date, including lidar, core computing, and occupant monitoring systems.
Enhanced Customer Experience and Global Sales Performance
In 2024, Volvo Car Malaysia expanded its customer engagement initiatives, introducing a hands-on driving experience for the Volvo EX30 at launch, the first-ever Volvo Safety Driving Experience, and the inaugural Volvo Padel Open.
Globally, Volvo Cars achieved a new sales record in 2024, selling 763,389 cars—an 8% increase from 2023. The company also saw significant growth in electrified vehicle sales, with 175,194 BEV models and 177,593 PHEV models sold—representing increases of 54% and 16%, respectively, compared to the previous year. Overall, electrified vehicles accounted for 46% of Volvo’s total global sales, with fully electric models making up 23% of the total, up from 16% in 2023.
The Future of Volvo’s Electrification Strategy
Full electrification remains a cornerstone of Volvo Cars’ product strategy. With five fully electric models already launched globally, the company plans to introduce five more in the coming years. Additionally, in 2024, Volvo will roll out a new user interface for all models built since 2020, enhancing the user experience for vehicles with an Android-based operating system and bringing it in line with Volvo’s latest generation of fully electric cars.
As Volvo Car Malaysia continues to push the boundaries of sustainable mobility, its commitment to electrification and customer-centric innovation remains stronger than ever.
