One EV manufacturer that gained significant attention a few years ago with its electric Semi truck was Tesla. After years of anticipation, the company finally delivered its first units in December 2022. However, despite the hype and unique design features such as a central driver seating position, Tesla is far from being the dominant player in electric truck sales.
In reality, several European and Chinese manufacturers have captured the largest market share for electric trucks and have even initiated programs to develop electric infrastructure specifically for large trucks. The landscape can be quite complex, with numerous startups vying for attention with ambitious plans in the tech and business publications.
Among the established truck manufacturers currently producing EV models, Volvo has emerged as the market leader, holding around 50% market share in Europe and North America. This is a significant increase from the 32% share it held in the first quarter of 2022 in Europe. Volvo Trucks, operating in approximately 40 countries, has sold nearly 5,000 electric trucks since introducing electric versions of its medium- and heavy-duty models. These sales extend beyond EV-friendly countries in northern Europe, with successful deployments in countries like Morocco and Australia. Furthermore, Volvo Trucks plans to expand its electric models to markets in India, South Korea, South Africa, and various South American countries later this year.
In 2022 alone, Volvo added three new electric models to its lineup: the Volvo FM, Volvo FH, and Volvo FMX, bringing the total to six electric models in its catalog. As of mid-2023, the company has already received orders for 486 electric trucks, representing a remarkable 141% increase compared to the same period in 2022. Roger Alm, President of Volvo Trucks, expressed the company’s commitment to sustainable transport and emphasized their collaboration with customers to decarbonize truck transport.
Volvo’s rapid growth in the electric truck market has been facilitated by its ability to develop electric versions of existing truck platforms and leverage its existing manufacturing infrastructure. Unlike EV truck startups, Volvo already has a strong foundation to build upon. Additionally, Volvo has plans to expand its manufacturing footprint further, with intentions to grow its plants in Virginia, Gothenburg, and Blainville, France, as well as begin electric production in Ghent, Belgium.
Despite the progress made, there are still challenges to wider adoption of medium- and long-range electric trucks. Volvo, along with other manufacturers such as VW Group’s Traton and Daimler Truck, is addressing these challenges by collaborating on the creation of a charging network for trucks in Europe. The consortium aims to establish approximately 1,700 fast-charging sites on the continent, along with similar initiatives in North America.
However, it will take some time before electric trucks become prevalent in interstate cargo transport, with most advancements currently happening in the realm of smaller last-mile delivery vans. Nevertheless, Volvo Trucks’ dominance in the electric truck market and its dedication to sustainable transport position the company for continued growth and contribution to the decarbonization of the trucking industry.
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