Volvo Trucks has announced that it has logged its best truck sales performance in the history of its 50 years of business operation in Malaysia with a total of 479 units of prime movers and rigid trucks sold to customers in the financial year 2019. The figures represent a 6.5% increase, selling 29 units more than the 450 total units sold in 2018.
Volvo Trucks Continuing to Perform in Malaysia
Out of the 2019 total trucks sold, more than 70% are of the Volvo FM models, while the rest were made up of Volvo FMX and Volvo FH models.
Mitch Peden, Managing Director, Volvo Malaysia Sdn Bhd said, “We are extremely pleased to have achieved such a remarkable and record-breaking overall result for the year despite some market challenges such as the changes in regulations, more intense competition and stringent loan approvals. Our sales volume increased despite the local heavy-duty truck market having experienced a decline by an estimate of 13% last year."
Volvo Trucks’ stellar performance also helped increase its market share in the prime mover segment to 26% in 2019, in spite of a stagnant growth for prime mover segment last year, based on data released by the Malaysia Automotive Association (MAA).
According to Volvo Trucks, its sales volume has been growing in the past 10 years with a Compounded Annual Growth Rate (CAGR) of 13% since 2010, and taking a leading position in the prime mover segment.
“Our stellar truck sales performance in 2019 is the fruit of our labour from all the continuous commitments we have underscored in conjunction with Volvo Trucks’ 50 years’ anniversary in Malaysia. It is a very significant achievement for us, which is partially supported by fleet replacement exercises by several of our key customers,” added Peden.