Over 70% of all new Volvos sold locally last year were electrified to some extent too.
While many in Malaysia are perhaps still skeptical about the prospect of owning an EV, it would appear that perspectives are to slowly and surely be shifting. And the most recent example of this comes from Volvo’s local sales statistics, which saw nearly one in every five cars it sold over here featuring a fully-electric drivetrain.
An impressive increase of 37% relative to 2022 figures, the only stat from Volvo though that makes it clearer for Malaysians to perhaps be ready to embrace an electrified future is for the automaker’s Recharge range — which includes BEVs and plug-in hybrids (PHEV) — made up 71% of total retail sales for the year. In fact, Volvo Car Malaysia’s Recharge impressive sales mix places it among its top 15 global markets, where the global average sales mix for Recharge variants instead stood at 38 percent for 2023.
As for overall car sales meanwhile, Volvo Car Malaysia experienced a slight dip in deliveries last year. The last 12 months saw the Swedish automaker shift just 2,694 cars locally, compared to a bumper 3,194 units sold in 2022.
Charles Frump, Managing Director of Volvo Car Malaysia, stated, “2023 was a transformative year for us as we pivoted towards a fully electric future. All of our fully electric models are now sold directly on our online sales platform for a secure, transparent and hassle-free ownership journey. Despite showing a slight sales drop, we’re very proud to have defended our segment share given that we were in between product cycles with no new launches last year.”
“After seven consecutive years of growth prior to 2023, we expect continued growth in 2024 with new, fully electric product launches on the horizon. We remain steadfast and aligned with our ambition to become a fully electric, premium car company by 2030 and see this reflected in our direction and performance as a global brand,” Frump added.
Looking ahead, Frump commended the government for extending EV adoption incentives such as the exemption on excise duty, sales tax, and import tax exemption for locally assembled (CKD) EVs components until 2027, the exemption of import and excise duty for fully imported (CBU) EVs until 2025, and a full tax exemption for EV charging equipment manufacturers until 2032.
Globally, Volvo had set a new sales record with 708,716 cars sold in 2023, an increase of 15% compared to 2022. The Swedish automaker attributes this all-time-high to strong electrified product portfolio, in combination with a more stabilised supply chain.
Volvo also saw a significant increase in sales for its electrified lineup. Last year, nearly 16% of new Volvos sold globally were fully electric, an increase of 70% compared to 2022. The automaker also sold 152,561 PHEVs last year, which marked a 10% increase relative to the year prior.
