Volvo Trucks North America and Volvo Financial Services Launch Volvo on Demand to Accelerate Battery-Electric Vehicle Adoption

Greensboro, N.C., May 20, 2024 (GLOBE NEWSWIRE) -- Volvo Trucks North America (VTNA) and Volvo Financial Services (VFS) have joined forces to form Volvo on Demand, a collaborative initiative to change and lead the industry in the Truck-as-a-Service (TaaS) business model. Using 25 Class 8 Volvo VNR Electric trucks, Volvo on Demand was designed as an innovative solution to simplify the acquisition and reduce the major upfront investment in battery-electric vehicles. Volvo on Demand provides qualified customers with flexible term options as short as 12 months and includes Volvo Trucks’ industry leading Gold Contract and the option to bundle vehicle insurance for physical damage and collision, route planning and optimization guidance, as well as consultation to find the best charging solution and incentives that might be available. Volvo on Demand is the next way to leverage the established electromobility ecosystem tailored for Volvo VNR Electric trucks in North America.

“Volvo on Demand is the easiest way for customers to add a battery-electric truck to their fleet by providing the ability to test the technology and understand the requirements to operate an electric fleet without a substantial upfront investment,” said Charles Carter, vice president, services and solutions, Volvo Financial Services. “Volvo on Demand offers peace of mind to customers who are just beginning their electromobility journey, managing the unknowns and uncertainties of how to best run and scale electric trucks in their operations. We see this solution being exceptionally beneficial to many segments including drayage, regional haul, last mile and smaller fleets, who are tasked with delivering more sustainable transportation solutions for their customers.”

With Volvo on Demand, customers can minimize the upfront investment associated with transitioning to battery-electric trucks and free up credit lines that can be used towards business growth. A competitive mileage rate throughout the contract term provides flexibility, with a single monthly invoice encompassing all selected services, charging hardware and insurance. VFS has kickstarted the Volvo on Demand program with 25 Volvo VNR Electric trucks, including 20 6x4 tractors with the six-battery configuration and five 4x2 tractors with the four-battery configuration.