Volvo targets 100% electric vehicle sales by 2025


Volvo Car (Thailand) has set itself the ambitious target of selling only electric vehicles by 2025, five years ahead of the company's global target of 2030.

Chris Wailes, managing director of Volvo Car (Thailand), told a media briefing on Friday that he sees strong demand for electric vehicles (EV) in Thailand, and the trend would continue to grow significantly.

He cited the rapid improvement of EV-related infrastructure, such as charging stations, and people's environmental awareness, as well as the high price of fossil fuel. He believes these factors would encourage more Thais to switch to EVs.

The entry of new global players like Tesla will increase market competition.

"Competition is always beneficial. Every competitor drives us to learn, adapt, and improve in order to better meet the needs of our customers," Wailes said.

He added that Thais were more receptive than Europeans when it came to trying new technology.

Amid the overall promising signs in the market, Volvo Car (Thailand) is confident of becoming a seller of only EVs by 2025, he said.

"We will continue to strengthen our position as the leader in the premium EV segment," he said.

"We are delighted that drivers in Thailand are so enthusiastic about electric-powered vehicles, and we are confident that our bold ambition to sell only fully electric cars in 2025 will be successful.”

His assurance comes as Volvo reports a 71% increase in full-year sales in 2022, as consumers show an increasing desire to drive electric vehicles.

Despite production constraints caused by component shortages, demand for Volvo Cars in Thailand remained strong, he said.

The sales of fully electric models, such as the C40 Recharge Pure Electric and the XC40 Recharge Pure Electric increased by 190 per cent by 2022, accounting for more than one-third of total vehicle sales.

Volvo Cars' Recharge lineup also saw a 24% increase in sales, accounting for 64.8% of the company's total sales volume, he said.

The Volvo Car (Thailand) CEO also revealed plans to launch two new pure electric models.

He added that strong profitable returns for dealers and partners are another key focus of Volvo Car (Thailand).