Volvo Trucks Korea and Volvo Financial Services Korea signed a partnership agreement on the 23rd.
The two companies aim to provide compelling and customized financial solutions for high-priced large electric truck purchases to Korean customers. Unlike diesel trucks in the past, they plan to release products tailored to the characteristics of large electric trucks, which require financial products for the construction of charging facilities.
Through this collaboration, they are considering the launch of two products: TaaS E2E (Transport-as-a-Service End-to-End) and IaaS (Infrastructure-as-a-Service). TaaS E2E offers loans for customers purchasing electric trucks and is a comprehensive financial product supporting not just truck purchases but also insurance, return options, charging station installations, and tire purchasing costs.
The IaaS product includes support for charging infrastructure and operation of charging stations for not only customers but also transportation companies, shippers, and charging operators.
Park Kang-seok, CEO of Volvo Trucks Korea, stated, “Through this collaboration with Volvo Financial Services Korea, we expect to provide integrated financial solutions that will support and contribute to the growth of our customers’ businesses when purchasing electric trucks,” emphasizing the importance of this partnership agreement.
Choi Jin-woo, CEO of Volvo Financial Services Korea, commented, “As the transition to fossil-free transport is being strongly demanded in many countries, we anticipate a speed-up in domestic demand for electric trucks in the future.”
Volvo Trucks became the world’s first to begin mass production of large electric trucks last year and is leading changes to achieve sustainability goals. Currently, Volvo Trucks has launched six models of electric trucks, boasting the broadest lineup in the commercial vehicle sector. Notably, Volvo Trucks Korea plans to launch the large electric truck ‘FH Electric’ in the domestic market within this year, marking a first in the commercial vehicle industry, currently preparing for electric charging infrastructure and training for maintenance personnel.
Lee Sang-jin daedusj@autodiary.kr