Volvo Car Malaysia concluded 2024 with a groundbreaking sales achievement in its fully electric (BEV) segment, which accounted for 30% of total retail sales. This marks an impressive 18% growth compared to 2023.
In total, Volvo Car Malaysia’s BEV and plug-in hybrid (PHEV) models made up a combined 83% of retail sales for the year, a significant increase from 71% in 2023. This milestone aligns with Volvo’s global sustainability ambition of achieving 90-100% electrified car sales by 2030, encompassing models with plug-in, high-voltage battery drivetrains.
As a trailblazer in electrification, Volvo Car Malaysia has offered only fully electric or hybrid variants for all new cars since 2020, a commitment shared across Volvo’s global markets. Malaysian customers currently have the option of PHEV or mild-hybrid electric vehicle (MHEV) powertrains for models featuring internal combustion engines.
In 2024, the company sold 1,953 vehicles, with MHEVs comprising less than 20% of total sales, a drop from one-third in 2023. This shift underscores the growing demand for BEVs and PHEVs in the Malaysian market.
Chris Tan, Sales Director of Volvo Car Malaysia, highlighted the company’s progress: “Despite a highly competitive environment, we remain committed to our vision of personal, safe, and sustainable mobility. The launch of the fully electric Volvo EX30 was a resounding success, with the first batch of fully imported units selling out before local assembly began. We now look forward to introducing the Volvo EX90, our flagship seven-seater, to further expand our electric vehicle portfolio in Malaysia.”
The upcoming Volvo EX90 is set to be the company’s largest all-electric SUV, equipped with advanced safety technologies such as lidar, core computing, and driver and passenger monitoring systems.
Beyond vehicle sales, Volvo Car Malaysia also enhanced its brand presence in 2024 through exclusive customer experiences and events. These included the launch of the Volvo EX30 with a hands-on driving experience, the inaugural Volvo Safety Driving Experience, and the first-ever Volvo Padel Open.
On a global scale, Volvo Cars achieved a new sales record of 763,389 vehicles in 2024, reflecting an 8% increase over 2023. Electrified models saw remarkable growth, with BEV sales rising by 54% to 175,194 units and PHEV sales increasing by 16% to 177,593 units. Combined, electrified vehicles represented 46% of total global sales, with fully electric models accounting for 23%, up from 16% in the previous year.
Volvo Cars’ commitment to full electrification remains central to its product strategy, with five fully electric models already launched globally and another five in the pipeline. In addition, a new Android-based user interface will roll out in 2025 for Volvo cars built since 2020, enhancing the user experience and aligning with the brand’s next-generation fully electric vehicles.
For more information, please visit www.volvocars.com/my or follow Volvo Car Malaysia on Facebook http://bit.ly/VolvoMY-FB and Instagram at http://bit.ly/VolvoMY-IG.
