EVs, PHEVs made up 83% of Volvo Car Malaysia’s 2024 sales

Volvo Car Malaysia (VCM) is perhaps the pioneer when it comes to partially or fully electrified vehicles offered in our country, and their push continues as they’ve announced a 12% increase in 2024 over combustion-powered (mild-hybrids included) units.

Over the course of last year, VCM posted vehicle sales of 1,953 cars, which is a slight drop from the previous year. However, despite the overall decline, the company saw a significant shift toward electrified vehicles with battery electric vehicles (BEVs) and plug-in hybrids (PHEVs) accounting for 83% of total retail sales, up from 71% in 2023.

Currently, all Volvo models sold in Malaysia come with some form of electrification—whether as mild hybrids (MHEVs), PHEVs, or BEVs. However, MHEV sales saw a marked decline, making up less than 20% of total sales in 2024, compared to 33% in 2023, reflecting both a consumer uptake of electrification and the confidence in Volvo as a provider of premium fully electric and plug-in hybrid vehicles.

On the topic of electric vehicles alone, they accounted for 30% of total retail sales—a notable 18% increase from the previous year. Volvo’s BEV lineup in Malaysia currently includes the XC40 Recharge Pure Electric, C40 Recharge, and the newly introduced EX30.

Chris Tan, Sales Director of Volvo Car Malaysia, said, “While last year was a much more competitive environment for the industry, we are pleased to continue driving our vision of personal, safe and sustainable mobility with the introduction of the new, fully electric Volvo EX30 that was well received locally – our first batch of fully imported units sold out before local assembly commenced.

Zooming out to a more global scale, Volvo Cars delivering 763,389 vehicles—an 8% increase from the previous year. The company also experienced strong growth in its electrified vehicle segment, selling 175,194 battery electric vehicles (BEVs) and 177,593 plug-in hybrid vehicles (PHEVs), marking a surge of 54% in BEV sales and a 16% rise in PHEV sales compared to 2023.

When taken together, electrified models made up almost half (46%) of Volvo’s total global sales. Volvo fully intends to capitalise on this momentum, announcing a further 5 models planned for future production. Also confirmed for rollout this year is a new unified user interface built on the Android operating system for all current new models as well as cars build as far back as 2020.