Volvo Car Malaysia has set a new milestone in its electrification journey, with battery electric vehicles (BEVs) accounting for 30 per cent of its total retail sales in 2024—an 18 per cent increase compared to the previous year. Combined with plug-in hybrid vehicles (PHEVs), electrified models constituted 83 per cent of total sales, marking a significant step towards the company’s sustainability goals.
Despite a more competitive automotive landscape, Volvo Car Malaysia recorded total sales of 1,953 units in 2024. Although this represented a decline from the 2,694 units sold in 2023, the rising preference for fully electric vehicles underscores the shifting consumer demand towards sustainable mobility solutions.
At the forefront of vehicle electrification, Volvo Car Malaysia is becoming one of the first markets globally to offer only hybrid or fully electric variants since 2020. The company’s electrified sales performance in 2024 surpasses Volvo Cars’ global average, where fully electric models accounted for 23 per cent of total sales.
Chris Tan, sales director of Volvo Car Malaysia, expressed confidence in the company’s strategic direction. “While last year presented a much more competitive environment for the industry, we are pleased to continue driving our vision of personal, safe, and sustainable mobility. The introduction of the fully electric Volvo EX30 was well received locally—our first batch of fully imported units sold out before local assembly commenced. We now have a focused portfolio of fully electric vehicles for Malaysia, with our flagship seven-seater Volvo EX90 coming next.”
The Volvo EX30, launched in Malaysia on 25 September 2024, quickly became a popular choice among local buyers. Its initial batch of imported units sold out, demonstrating strong consumer interest in compact, fully electric SUVs.
Volvo Car Malaysia is now gearing up to introduce the Volvo EX90, its largest all-electric SUV, equipped with state-of-the-art safety features such as lidar technology, core computing, and advanced occupant monitoring systems for drivers and passengers.
Globally, Volvo Cars achieved a record-breaking year in 2024, with total sales reaching 763,389 units—an eight per cent increase from 2023. Electrified models represented 46 per cent of overall sales, with BEVs alone accounting for 23 per cent, up from 16 per cent the previous year.
These achievements align with Volvo Cars’ broader sustainability goals, aiming for 90 to 100 per cent of its sales to come from electrified models by 2030. The company has launched five fully electric models globally and plans to introduce five more in the coming years. Additionally, Volvo Cars will roll out a new Android-based user interface for all models built since 2020, enhancing the digital experience for customers.
As Malaysia moves towards greater electric vehicle adoption, Volvo Car Malaysia’s latest sales figures reflect a growing shift in consumer preferences towards electrified models. With increasing competition and government incentives promoting EV adoption, the coming years will be crucial for automakers navigating the evolving automotive landscape. 
