Volvo Car Malaysia has successfully wrapped up the 2023 calendar year, witnessing a notable surge in the sales of its fully electric (BEV) segment, constituting 18 percent of the total retail sales. This marked a remarkable 37 percent increase compared to the previous year, showcasing a growing preference for electric vehicles in the market.
Within the total sales, the Recharge range, encompassing both BEVs and plug-in hybrids (PHEV), accounted for a substantial 71 percent of the total retail sales for the year. Volvo Car Malaysia’s Recharge sales mix places it among the top 15 global markets within the Volvo Car Group, where the global average sales mix for Recharge variants reached 38 percent in 2023.
Despite a slight decrease in overall car sales, with 2,694 cars sold in 2023 compared to 3,194 in the preceding year, the automotive industry faced a challenging period following the full lifting of Covid-19 pandemic restrictions in 2022.
Noteworthy milestones for Volvo Car Malaysia in 2023 include the opening of the largest Volvo Certified Damage Repair centre by iRoll in Juru, Penang, in April, and the launch of the largest Volvo 3S showroom by Sisma Auto in Sungai Besi, Kuala Lumpur, in November.
Looking ahead, Volvo Car Malaysia expressed gratitude to the government for extending EV adoption incentives, such as exemptions on excise duty, sales tax, and import tax for locally assembled (CKD) EV components until 2027. Furthermore, import and excise duty exemptions for fully imported (CBU) EVs are extended until 2025, with a full tax exemption for EV charging equipment manufacturers until 2032.
Globally, Volvo Cars achieved a new sales record in 2023, with 708,716 cars sold, reflecting a 15 percent increase compared to 2022. This success is attributed to Volvo Cars’ robust electrified product portfolio and a more stabilized supply chain. The company also witnessed a substantial increase in sales of electrified cars, with 113,419 fully electric cars sold, a 70 percent surge from 2022, and 152,561 plug-in hybrid cars, representing a 10 percent increase. Fully electric cars accounted for 16 percent of Volvo’s global sales in 2023, highlighting the brand’s commitment to sustainable and electrified mobility.
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