It was a record-setting 2024 for Volvo Car Malaysia (VCM) with electrified models (BEV and PHEV) making up 83% of sales. The numbers bode well for the carmaker’s global sustainability ambitions of selling 90-100% of electrified models by 2030. BEV models on its own grew by 18% from the previous year to make up 30% of 2024 sales.
In total, VCM sold 1,953 cars of which mild hybrid (MHEV) models accounted for less than a fifth of the year’s sales as compared to 2023 when those models represented a third of their annual sales.
To clarify, ‘electrified’ models in Volvo speak only covers BEVs and plug-in hybrids (PHEV) that include a high-voltage battery. Mild hybrids (MHEV) don’t fall under that category.
VCM has been pioneering electrification locally by being one of the first carmakers to only offer either fully electric or hybrid electric variants of all new cars sold since 2020. Malaysian motorists can either opt between PHEV or mild-hybrid powertrains if they prefer internal combustion models.
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On a global scale, the 763,389 cars sold in 2024 was a new sales record for the marque, an increase of 8% to the previous year. Of that figure, 175,194 units were BEVs and a further 177,593 were of the PHEV variety, marking a growth of 54% and 16% respectively. Electrified models made up 46% of Volvo’s global sales with BEVs accounting for 23%.
“While last year was a much more competitive environment for the industry, we are pleased to continue driving our vision of personal, safe and sustainable mobility with the introduction of the new, fully electric Volvo EX30 that was well received locally – our first batch of fully imported units sold 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,” said Chris Tan, Sales Director of Volvo Car Malaysia.
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The EX90 is the marque’s largest BEV SUV and as a flagship is equipped with their most advanced safety technology such as LIDAR, core computing and occupant monitoring.
VCM went a step further in 2024 by expanding its customer involvement scale with brand experiences and events. This includes a driving experience for the new EX30 during the launch and their first-ever Volvo Safety Driving Experience. From a social perspective, the brand also held its inaugural Volvo Padel Open.
Electrification retains its position as a key pillar of Volvo Cars’ product strategy that has seen five BEVs launched globally with another five to follow suit in the future. Furthermore, the company will also be releasing a new user interface built on an Android operating system for all models built as early as 2020.
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