Volvo Car Thailand has reported a 24 per cent increase in sales volume for the year of 2023 in Thailand, with fully electric car sales accounting for 56 percent of total sales. The company has also announced plans to further accelerate its strategic ambition to be one of the automotive industry’s fastest transformers, taking another step closer to becoming a fully electric car brand in Thailand by 2025.
Solid double-digit continuous growth
The sales growth was achieved due to the strong interest Volvo continues to receive for its Pure Electric line up of fully electric vehicles which accounted for 56% of all car sales, led by the XC40 Recharge Pure Electric. The newly launched EX30 has received a great reception from the public and is expected to further boost fully electric car sales in 2024. Fully electric vehicle sales accounted for around 35% of Volvo sales in 2022 and the increase in 2023 underlines Volvo Cars’ commitment to becoming a fully electric company by 2025.
Volvo’s Recharge Plug-in Hybrid line accounted for 44% of total sales, with the Volvo XC60 Recharge Plug-in Hybrid the top-selling model.
Chris Wailes, Managing Director of Volvo Car Thailand, said: “We have been able to maintain our growth for the third consecutive year despite the market decline, and this is significant as it puts us in a very good position with regards to our transformation goals. We have another very important year ahead, and 2024 will be a crucial for us as we increase our momentum in our aim of being a leader in next generation mobility.”
Tracking towards mid-decade business ambitions
In Thailand, Volvo has laid out its strategic ambitions for the future, including maintaining its continued post-pandemic growth and the establishment of a mobile service network for the maintenance and repair of Volvo electric cars throughout the country by 2025.
With regards to its climate action plan, the company continues to make good progress towards its ambition to reduce CO2 emissions by 70 per cent per average car.
2024 – Further acceleration of our transformational path
Underlining its commitment to become a fully electric car company in Thailand by 2025, Volvo is planning to introduce a new fully electric car, built using next-generation electrical architecture and core computing technology, to cover the top end of premium electric market. The new model will complement the existing fully electric line-up of the XC40, C40 and EX30, and will set the company up for strong future growth of fully electric cars.
In terms of sustainability, the company is setting up several sustainable initiatives in Thailand including the installation of solar roofing at the Volvo Car Thailand Central Distribution & Training Center in Bang-na, which will be complete by April 2024. After the installation, an operation area of 23,331 square meters which serves as a Car and Parts Distribution Center, Pre-Delivery Service and Training Center will be powered by 100 per cent renewable solar energy.
In addition to its plan to set up a battery repair and recycling solution center in Thailand, Volvo is also implementing a battery recycling program in collaboration with TES, a Singapore-based sustainable technology lifecycle solutions provider. These initiatives aim to reduce the total cost of ownership for owners of Volvo’s Pure Electric and Plug-in Hybrid vehicles.
As Volvo’s customer base in Thailand grows, the company will also open its 3rd Volvo Certified Damage Repair Centre location in Thailand this year to provide a convenient and effortless customer experience.
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