The annual Consumer Electronics Show, CES, represents a highlight in the world of technology and innovation. This year, the Volvo Group is one of four influential companies delivering keynotes on the main stage.
The title of Martin Lundstedt’s keynote is ”Confidence Ahead”, which he believes signals the Volvo Group’s commitment to continue driving prosperity, as it has done for almost 100 years.
Volvo is the market leader in heavy electric trucks
In terms of total truck sales within the Volvo Group, it can be noted that the company recorded an all-time high in 2023 with global deliveries of 145,395 trucks. They also continued to invest heavily in its product portfolio and maintained its leading position in the electric truck market. However, the number of electric vehicles sold as a share of the total was not large, although Volvo Trucks maintained its strong position in the electric truck market with total global deliveries of just under 2,000 vehicles, 1,977 to be exact. This was in itself an increase of 256 percent compared to the previous year and Volvo’s share of the electric heavy-duty segment in Europe also increased to 47.2 percent (32.3 percent).
ICCT, the International Council on Clean Transportation, reported in April 2024 that 11,000 zero-emission heavy-duty vehicles were sold in Europe in 2023, more than double the number in 2022, and that 18% of all buses and coaches sold in the EU in 2023 were electric. Of the total electric truck sales, 5% were light and medium-duty trucks and 1% of heavy-duty trucks were electric.
Slow transition to electric frustrates those who invest
We are still talking about a very small share of electric vehicles sold versus fossil-fueled ones, which is a backdrop to Volvo CEO’s frustration in today’s speech at CES. Electric power must be introduced on a significantly larger scale in order to have positive sustainability effects in terms of e for example, heavy vehicles, such as 16-tonners. And, says Lundstedt, this requires broad consensus and action by stakeholders who can sharpen things like charging infrastructure, regulations that lead to more electric power and other incentives that drive the transition.
What is notable, however, is that the Volvo Group’s willingness to invest is strong. For example, Volvo Trucks recently expanded its electric range with two new models – the Volvo FH Aero Electric and the new Volvo FM Low Entry, which is the company’s first model to be developed exclusively with an all-electric drivetrain. This means that the company now has a total of eight electric vehicle models to offer, designed to handle a variety of transport tasks.
Since 2019, Volvo Trucks has delivered electric trucks to customers in 45 countries on six continents. In 2023, Volvo delivered its first heavy electric trucks to Latin America, with vehicles going to customers in Brazil, Chile and Uruguay. Volvo also became the first manufacturer to deliver battery-electric heavy trucks in Morocco, South Korea and Malaysia.
In early 2024, Volvo also delivered its biggest product overhaul ever, with new trucks launched globally. The all-new Volvo VNL heavy-duty long-haul truck for the North American market is based on a completely new platform that will provide up to 10 percent better fuel economy compared to the previous generation. So, they are currently working in both directions: on the one hand, more fuel-efficient fossil-fueled vehicles, and on the other hand, electric solutions. One of the advantages of the new VNL platform is that it can also be adapted for various renewable fuels and a battery-electric powertrain.
