What’s Happening
Volvo Trucks has taken a leading position in the heavy electric truck market in both Europe and North America in the first quarter of 2023. The Swedish truck manufacturer has sold nearly 5,000 electric trucks across 40 countries, and is now expanding its electric product range to new markets in Asia, Latin America, and Africa.
Why It Matters
With climate change and environmental concerns on the rise, sustainable transport solutions are crucial for the future of the industry. Volvo Trucks’ success in the electric truck market demonstrates their commitment to decarbonizing truck transport and shows that eco-friendly solutions are gaining traction among customers.
Key Points
- In the first quarter of 2023, Volvo Trucks held a 50% market share in Europe for electric trucks weighing 16 tons or more, up from 32% in 2022.
- The company also maintains a leading position in North America, with nearly half of the heavy electric truck market share.
- Volvo Trucks witnessed a 141% increase in new truck orders compared to the same period in 2022, with most orders coming from northern European countries.
- Six electric truck models are now in series production, giving Volvo Trucks the industry’s most extensive portfolio of zero exhaust emission trucks.
- Volvo Group is collaborating with Daimler and Traton to build at least 1,700 high-performance green energy public chargers throughout Europe and investing in a charging corridor in North America.
Bottom Line
Volvo Trucks’ strong performance in the electric truck market highlights the company’s dedication to sustainable transport solutions. As the company continues to expand its electric product range into new markets and scales up production, it aims for 50% of global new truck sales to be electric by 2030 and 100% to be net-zero emission by 2040. With increasing demand for eco-friendly alternatives, Volvo Trucks is well-positioned to lead the industry towards a greener future.
