Volvo Trucks dominates Europe and North America’s heavy electric truck market in the first quarter of 2023. The Swedish truck manufacturer has sold approximately 5,000 electric trucks in almost 40 countries and is expanding its electric product line to new markets in Asia, Latin America, and Africa.
In the first quarter of 2023, Europe registered 600 electric trucks weighing 16 tons or more. This figure is over four times more than the 134 recorded during the same period in 2022.
Volvo Trucks holds the most significant market share of 50 percent, which is an improvement from their 32 percent market share for the entire year of 2022.
President of Volvo Trucks Roger Alm claimed that this achievement meant that the company’s efforts towards sustainable transportation had yielded positive results. He also said the company maintains a steadfast commitment to closely collaborating with customers to mitigate carbon emissions in the trucking sector.
Surge in electric truck orders
Volvo Trucks also witnessed a significant upswing in new truck orders during the first quarter of 2023. The total number of requested electric trucks reached 486, demonstrating an impressive growth rate of 141 percent compared to the same period in 2022.
In the previous year, Volvo incorporated the three most popular 44-ton heavy-duty trucks into its electric range: Volvo FH, Volvo FM and Volvo FMX. This expansion has enabled Volvo Trucks to offer the industry’s most comprehensive selection of zero-exhaust emission trucks, with six electric truck models in active production.
Volvo’s largest factory in Ghent, Belgium, will commence serial production in the third quarter of 2023.