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 per cent of total sales.

The Chinese-owned Swedish car brand has also announced plans to rev up its goal of becoming a fully-electric car brand in Thailand by 2025. Volvo’s sales growth last year was achieved due to strong interest in its Pure Electric line up of fully electric vehicles, led by the XC40 Recharge Pure Electric.

Volvo EX30

The EX30, which was launched at the recent Motor Expo, is expected to further boost Volvo’s EV sales in 2024. Electric vehicles accounted for around 35 per cent of Volvo sales in 2022 and the increase in 2023 underlines its commitment to becoming a fully electric company by 2025, according to Chris Wailes, managing director of Volvo Car Thailand Co Ltd.

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Meanwhile, Volvo’s Recharge Plug-in Hybrid models accounted for 44 per cent of total sales, with the Volvo XC60 Recharge Plug-in Hybrid being the most popular model.

“We have been able to maintain our level of 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,” Wailes said. “We have another very important year ahead, and 2024 will be crucial for us as we increase our momentum in our aim of being a leader in next-generation mobility.”

Chris Wailes

Wailes said that in Thailand, Volvo has laid out strategic ambitions, including maintaining its continued post-pandemic growth rate 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 progress towards its ambition to reduce CO2 emissions by 70 per cent per average car.

Wailes said 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 the premium electric market.

Volvo EM90

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 Bangna, which will be complete by April 2024. After the installation, an operation area of 23,331sqm 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.

With a growing customer base, Volvo will also open its 3rd Volvo Certified Damage Repair Center location in Thailand later this year.