Volvo Trucks announces its historic sales performance in its 50 years of business in Malaysia with a total sale of 479 units of prime movers and rigid trucks in the financial year 2019, representing an increase of 6.5 percent compared to 2018.
Their sales performance is a positive sign of Volvo Trucks’ continuous and sustained growth in Malaysia, enabling them to start 2020 with stronger momentum and energy.
Volvo Trucks’ stellar performance also helped increase its market share in the prime mover segment to 26 percent in 2019, in spite of a stagnant growth for prime mover segment last year, based on data released by the Malaysia Automotive Association (MAA).
“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 percent last year,” Mitch Peden, Managing Director, Volvo Malaysia Sdn Bhd says.
According to Volvo Trucks, its sales volume has been growing in the past 10 years with a Compounded Annual Growth Rate (CAGR) of 13 percent since 2010, and taking a leading position in the prime mover segment.
Peden says their stellar truck sales performance in 2019 is the fruit of their labour from all the continuous commitments they have underscored in conjunction with Volvo Trucks’ 50 years’ anniversary in Malaysia.
It is a very significant achievement for them, which is partially supported by fleet replacement exercises by several of their key customers.
In conjunction with its 50 years’ anniversary, Volvo Trucks had also introduced several improvements on product and service quality for enhanced aftermarket support. Among these were the launch of Volvo Uptime Promise, a first-in-the-market feature for its Gold Service Agreement customers. This unique benefit provides monetary compensation to customers who has a truck on a breakdown time that exceeds Volvo Trucks’ 12 hours committed time to put the truck back on the road.
According to Peden, “The introduction of Volvo Uptime Promise has helped to strengthen their aftermarket offers and value proposition in the market through the Gold Service Agreement, and this is one of the important contributors to their success last year.
Volvo Uptime Promise includes effective planning and prediction of truck component wear and tear, enabling Volvo Trucks to proactively help their customers plan truck maintenance schedule.
“Last year, our management team took the opportunity to visit many of our key customers in various parts of Malaysia and to celebrate our 50 years’ anniversary with them. We recognise the importance of customer engagement and we want to understand their business needs and further strengthen ties,” Peden adds.
Many of Volvo Trucks’ key customers in Malaysia have grown together with the company through repeated purchases which is attributed to continuous improvement in enhancing quality deliverables for its products and services, and consistent aftermarket support through all its 13 dealers in the country.
“We want our customers to know that we truly value their loyalty and support and that Volvo Trucks is committed to be their long-term partner. The strong relationships that we have built with our customers is without a doubt, a very significant factor to our success. We continue to look forward to progress into this new decade with them,” Peden concludes.