Volvo Drives Modest Growth with New EV Models and Repair Services

[snoop1130]

Picture courtesy of GT Auto

 

Volvo Car Thailand anticipates a 5% growth in car sales for 2024, fuelled by new electric vehicle (EV) models and an innovative battery repair service. Aimed at reducing long-term maintenance costs, this strategy targets eco-conscious consumers.

 

Managing Director Chris Wailes admits the Thai automotive industry faces challenges, including tight auto loans, high household debt, and a sluggish economy. Financial institutions are tightening lending amidst rising household debt levels, which reached 90% of GDP last year.

 

Volvo projects domestic car sales to decline slightly, expected at 550,000-560,000 units in 2024, down from 572,675 last year. Premium car sales are predicted to remain stable, contributing to 40% of the market.

 

 

Globally, Volvo monitors the impact of US trade policies under Donald Trump. Recent US tariffs on Chinese goods and China's counter-tariffs raise concerns about increased Chinese EV exports to Southeast Asia, amid fraught US-China trade relations. However, Wailes remains optimistic about minimising these impacts locally.

 

Domestically, Volvo plans a 24% increase in battery EV and plug-in hybrid EV sales this year, aiming for fully electric models to comprise 80% of sales by 2024. Wailes sees plug-in hybrids as an affordable choice for Thai consumers.

 

Enhancing after-sales services, Volvo plans to launch a battery repair centre mid-year, complemented by smart repair services for bodywork. With these efforts, Volvo aims to drive Thailand’s automotive industry towards a sustainable future, reported The Thaiger.

 

-- 2025-02-14

 

 

[hotchilli]

13 hours ago, snoop1130 said:

Managing Director Chris Wailes admits the Thai automotive industry faces challenges, including tight auto loans, high household debt, and a sluggish economy. Financial institutions are tightening lending amidst rising household debt levels, which reached 90% of GDP last year.

Middle classes have less money to spend, the economy has hit them very hard over the last decade.

[bkk6060]

Volvo way too expensive why are they even here?

[Thingamabob]

My wife runs a 1995 Volvo 850 GLE, 250,000 miles and counting. Runs like a dream and looks like new (the car that is, not my wife, although she's also in good shape). 

[G Rex]

Volvo offer some interesting models here in Thailand - but they are expensive - and Volvos resale values are abysmal! 

Despite being seen on a lot of the Thai Soap-operas , (obviously as sponsors), they are not regarded as a prestige car in LOS. That mantle is still held by Mercedes and (the ugly as sin) BMWs.

 

[Grumpy one]

A friend of mine once commented on my choice of cars 2 Volvo's

He called them Norwegian Taxi's  and tractors  

The tractor comment I believe to be true  

[digger70]

5 hours ago, hotchilli said:

Middle classes have less money to spend, the economy has hit them very hard over the last decade.

Never mind the Middle class  As you call them.

It's the Working Poor Bottom  rung People that are in the biggest trouble .

[hotchilli]

1 hour ago, digger70 said:

Never mind the Middle class  As you call them.

It's the Working Poor Bottom  rung People that are in the biggest trouble .

It was the middle class that bought the most things.. they are now down with the poor.