Leading the Charge: Volvo Trucks Leads the Way in Heavy Electric Truck Market

Leading the Charge: Volvo Trucks Leads the Way in Heavy Electric Truck Market

(IN BRIEF) Volvo Trucks has established itself as the leader in the heavy electric truck market in both Europe and North America during the first quarter of 2023. With nearly 5,000 electric trucks sold across approximately 40 countries, Volvo Trucks plans to expand into new markets in Asia, Latin America, and Africa. The company witnessed significant growth in new truck orders, with a 141% increase compared to the same period last year. Volvo Trucks now offers six electric truck models, making it the industry’s largest provider of zero-emission trucks. To support the growing demand, Volvo Group is investing in charging infrastructure and aims to have 50% of global truck sales be electric by 2030, with a goal of achieving 100% net-zero emissions by 2040.

(PRESS RELEASE) GOTHENBURG, 11-May-2023 — /EuropaWire/ — The Volvo Group (STO: VOLV-B), a Swedish multinational manufacturing company, announces that Volvo Trucks, the leading Swedish truck manufacturer, has emerged as the market leader for heavy electric trucks in Europe and North America during the first quarter of 2023. With nearly 5,000 electric trucks sold across approximately 40 countries, Volvo Trucks now aims to penetrate new markets in Asia, Latin America, and Africa.

In Europe, the registration of electric trucks weighing 16 tons and above surged to 600 units in the first quarter, more than quadrupling the figures from the same period in 2022 (134). Volvo Trucks commanded a significant 50% market share in this segment, marking an increase from the company’s 2022 full-year market share of 32%.

“Our commitment to sustainable transport is clearly paying off. We are determined to work closely together with our customers to decarbonize truck transport”, says Roger Alm, President of Volvo Trucks.

In North America, Volvo Trucks continues to maintain a dominant position, capturing nearly half of the heavy electric truck market.

Germany, France, the Netherlands, and the United States emerged as the top markets with the highest number of electric trucks registered across all brands during the first quarter of 2023.

Furthermore, Volvo Trucks experienced a substantial increase in new truck orders during the first quarter, with 486 electric trucks ordered, representing a remarkable 141% growth compared to the same period in 2022. The majority of these orders originated from countries in northern Europe, including the Netherlands, Germany, Norway, and Sweden.

Since the launch of its first electric truck in 2019, Volvo Trucks has sold close to 5,000 electric trucks across approximately 40 countries, predominantly in Europe and North America, with notable presence in Australia and Morocco. In 2023, the company will expand its sales of electric trucks to customers in South Africa, South Korea, India, and various Latin American markets.

With the recent additions of the Volvo FH, Volvo FM, and Volvo FMX, Volvo Trucks now boasts a series production lineup of six electric truck models, providing the industry’s most comprehensive portfolio of zero-emission trucks in the heavy-duty segment.

Volvo Trucks is actively scaling up electric truck production at three plants located in Gothenburg (Sweden), Blainville (France), and New River Valley (US). Additionally, serial production is set to commence in the third quarter of 2023 at Volvo’s largest factory in Ghent, Belgium.

To support the increasing volumes of electric trucks, the establishment of thousands of public charging points for heavy trucks is crucial. Volvo Group, in collaboration with Daimler and Traton, plans to build a minimum of 1,700 high-performance green energy public chargers throughout Europe. The group is also investing in a charging corridor in North America.

In line with its ambitious sustainability goals, Volvo Trucks aims for 50% of global sales of new trucks to be electric by 2030, with the ultimate objective of achieving 100% net-zero emissions by 2040.

Note:

• References to Europe encompass the European Union, Norway, and Switzerland.
• The market share and growth data for heavy (≥16 tonnes) electric trucks in Europe are based on information provided by IHS Markit.
• North America refers to the United States and Canada, with Volvo Trucks’ market share position in the region based on intelligence from Volvo Trucks North America.

For further information, please contact:
Helena Lind
Media Relations Director, Volvo Trucks
helena.lind@volvo.com
+46 76 5536257

Press images and films are available in the Volvo Trucks image and film gallery at http://images.volvotrucks.com.

Volvo Trucks supplies complete transport solutions for discerning professional customers with its full range of medium- and heavy-duty trucks. Customer support is provided via a global network of dealers with 2,300 service points in about 130 countries. Volvo trucks are assembled in 12 countries across the globe. In 2022 approximately 145,000 Volvo trucks were delivered worldwide. Volvo Trucks is part of the Volvo Group, one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The group also provides complete solutions for financing and service. Volvo Trucks’ work is based on the core values of quality, safety and environmental care.

SOURCE: AB Volvo